(a) To provide funds for the purposes of general municipal operations, procurement of fixed assets or permanent improvements, payment of debt charges, the elimination of deficits in city funds and for all other lawful purposes, there shall be, and is hereby levied a tax on qualifying wages as defined in this chapter, on net profits, and on all other municipal taxable income, as hereinafter provided.
(b) Eight-ninths (8/9) of all monies derived from the tax so levied shall be unrestricted and may be applied to any of the purposes described in division (a) of this section.
(c) One-ninth (1/9) of all monies derived from the tax so levied shall be credited to a special revenue fund to be known as the Restricted Income Tax Fund. Moneys credited to the Restricted Income Tax Fund may be applied to only the following purposes:
(1) Elimination of any deficit balance in any fund of the City, provided that such deficit balance existed as of December 31, 1984, or exists at any subsequent time during a fiscal emergency period, as defined in RC 118.01; or
(2) Payment of the principal of or interest or any premium on any bonds or notes issued by the City to finance the construction, purchase or acquisition of fixed assets or permanent improvements; or
(3) Payment of the costs of constructing or acquiring (whether by outright purchase, lease or lease- purchase and irrespective of whether payment is made in installments or in a lump sum) of fixed assets of permanent improvements.
(d) The tax imposed by this chapter shall be levied on the income of every person residing in or earning or receiving income in the City and this tax shall be measured by municipal taxable income. The City is levying this tax under the limitations specified in RC Chapter 718 and incorporates the provisions of that chapter within this ordinance.
(Ord. No. 1412-15. Passed 11-23-15, eff. 1-1-16)