(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 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.
(Ord. No. 2208-04. Passed 12-13-04, eff. 12-17-04)