(a) There is hereby established a special revenue fund in the City Treasury which shall be designated and known as the City Sales and Use Tax Fund. The City Sales and Use Tax Fund shall consist of:
(1) All revenues received from collection of the City's sales and use taxes, including any interest, additions to tax and penalties deposited with the City Treasurer;
(2) All appropriations to the fund;
(3) All interest earned from investment of the fund; and
(4) Any gifts, grants or contributions received and placed by the City into the City Sales and Use Tax Account.
Revenues in the City Sales and Use Tax Fund shall not be treated by any person to be a general revenue of the City. Revenues in the City Sales and Use Tax Fund shall be disbursed in the manner and consistent with the priorities set forth for in subsection (b) below.
(b) Revenues in the City Sales and Use Tax Fund shall be used:
(1) First, to satisfy the debt service requirements each fiscal year on any bonds issued by, or other obligations incurred by, the City, from time to time, allocated or tied to such dedicated revenue account including any refunding bonds; to finance municipal indoor and outdoor recreation improvement projects; that may include multipurpose fields, an indoor recreation facility with aquatic center and swimming pool, and health, wellness, fitness, senior services and similar facilities, including associated retail and service facilities that are directly related to, and used in conjunction with the recreational facility; and, for the funding of any reserve funds relating to any such bonds or other obligations, and/or to make lease payments which secure bonds issued to finance improvements to such projects; and
(2) Second, for the design, acquisition, construction, equipping, furnishing, operation and maintenance of the projects and facilities described in Section 742.07(b)(1).
(c) The City shall have the power and authority to issue its revenue bonds or other obligations or refunding revenue bonds or other obligations, as appropriate, under and pursuant to Chapter 8, Article 16 or other appropriate provisions of the West Virginia Code as may be applicable from time to time (the "Bond Act") for the purposes of financing or refinancing costs of the projects and facilities described in Section 742.07(b)(1). The City may pledge or otherwise utilize the City Sales and Use Tax herein imposed and the funds on deposit from time to time in the City Sales and Use Tax Fund to satisfy the debt service requirements and any prior debt service requirements deficit each fiscal year on, and to fund or replenish any required reserves in accordance with the bond documents for, any bonds or other obligations issued by the City from time to time, including any refunding bonds, to finance or refinance the projects and facilities described in Section 742.07(b)(1), including the funding or replenishing of any reserve funds relating to any such bonds or other obligations, and/or to make lease payments which repay the debt service or otherwise secure bonds or other obligations issued to finance or refinance the projects and facilities described in Section 742.07(b)(1). The City may utilize the procedures established pursuant to the Bond Act in connection with the issuance of such bonds or other obligations and in connection therewith it is hereby clarified and directed that the City Sales and Use Tax provided for herein shall not be considered to be taxation solely for the purposes of and as contemplated by Chapter 8, Article 16 of the West Virginia Code. (Passed 7-23-18.)