(A) For initial business licenses, and for all renewals thereof, all businesses, occupations, professions, trades or callings shall pay the business license fees in amounts established by resolution of the Town Council, and such business licenses fees shall be payable on an annual, daily or other basis as established by resolution of the Town Council.
(B) On July 1 of each year, commencing in 2005, the amount of the business license fees to be paid to the town pursuant to this section shall be increased by the percentage change in the annual average of the engineering news record (ENR) index between the prior 2 calendar years. The Finance Director shall make the required calculation by April 1 of each year, and the amount of the business license fees for the next 12 month period beginning July 1 of that year, as calculated by the Finance Director based upon the calculation, without the necessity of further action by the Town Council. In no event shall the amount of the business license fees be reduced based upon a change in the ENR index. No later than 30 days after the business license fees are adjusted each year as provided in this section, the Town Council shall cause to be published a public notice setting forth the amount of the adjusted business license fees. The notice shall be published 1 time in a newspaper of general circulation in the town, provided, however, that the failure of the Town Clerk to cause the notice to be published shall not affect the validity of the adjustment to business license fees as made by the Finance Director pursuant to this section. In the event the ENR index information for the prior calendar years is unavailable by April 1, the business license fees as previously fixed for the prior fiscal year (July 1 to June 30) shall continue in effect until such time as the ENR index for the prior years is available and the Finance Director makes the required calculation.
(2001 Code, § 8-1-6) (Am. Ord. 04-564, passed 2-12-2004)