Excise taxes in the total amount of four percent (4%) are hereby levied, as follows:
A. Original Tax:
1. There is hereby levied an excise tax of three percent (3%) upon the gross receipts derived from all sales taxable under the Oklahoma sales tax code. All other provisions of this chapter to the contrary notwithstanding, such tax is also levied on all sales of natural or artificial gas and electricity.
2. The revenues provided to the city by the city sales tax shall be for the following declared purposes:
a. Two-thirds (2/3) of the revenues shall be devoted to the support of the functions of the municipal government of the city.
b. The other one-third (1/3) of the revenues shall be allocated as follows, for each fiscal year:
(1) The first three hundred thousand dollars ($300,000.00) of the revenues produced shall be paid into the general fund to the support of the functions of the municipal government;
(2) The next one million dollars ($1,000,000.00) shall be paid into a fund created for the making of capital improvements of the city, including the making of payments of principal and interest on any indebtedness incurred by the city for capital improvement projects;
(3) Any additional amounts shall be paid into the general fund to the support of the functions of the municipal government.
B. Additional Tax: There is hereby levied an additional one percent (1%) excise tax, effective October 1, 2019, under the following stipulations:
1. If less than the entire one percent (1%) sales tax extension is approved by the electorate of the city, the total tax amount of four percent (4%) shall be changed to denote the amount so approved.
2. It is hereby declared to be the purpose of the revenues provided by the one percent (1%) excise tax extended by this subsection to provide revenues for the following purposes:
Eighty-five percent (85%) of the proceeds shall be applied to the continued debt service of the Utility System and Sales Tax Revenue Bonds Series 2014, for the purpose of constructing a water treatment plant and assorted facilities and infrastructure and fifteen percent (15%) shall be paid into the City's Economic Development Fund; unless the Bond issue pays off prior to termination of this sales tax, at which time proceeds shall be allocated twenty-five percent (25%) to repair, maintenance and refurbishment of the water treatment plant and seventy-five percent (75%) to the general fund.
And, in each instance also for the payment of the principal of and interest on indebtedness incurred on behalf of the city for any of said purposes, and any remainder for economic development within the city.
3. Said one percent (1%) sales tax shall cease to be collected on August 31, 2019, except for five-hundredths percent (0.05%) for operating and maintaining Acme Brick Park which shall be permanent.
4. This subsection shall become and be effective only after approval by a majority of the qualified electors of the city voting on the proposition of approving the same in the manner prescribed by law. The levy of the aforesaid excise tax shall continue after October 1, 2019, until December 31, 2044.
C. Limited Additional Tax: There is hereby levied a limited additional five-tenths percent (.5%) excise tax, effective October 1, 2019 under the following stipulations:
1. It is hereby declared to be the purpose of the revenues provided by the five-tenths percent (.5%) excise tax to provide revenues for the purpose of alleviating the need for an increase of utility rates and franchise fees.
2. Said five-tenths percent (.5%) excise tax shall cease to be collected on December 31, 2044. (Ord. 832, 9-7-1999; amd. Ord. 877, 12-7-2004; Ord. 934, 3-15-2011; Ord. 955, 1-20-2015; Ord. 976, 2-21-2017; Ord. 996, 9-10-2019)