(A) To provide funds for the purpose of general operations, maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements of the City of Clyde, including the payment of debt service charges on note and bond issues for such purposes.
(B) Subject to the provisions of Chapter 183 of the Codified Ordinances of the City of Clyde, a permanent annual tax is levied on Municipal taxable income, as defined herein, at the rate of one per cent (1%), in addition to the one-half of one percent (1/2%) tax imposed in section 183.012 (C) for a total tax rate of one and one-half percent (1 1/2%)
(C) Effective July 1, 1996 the existing one-half percent (1/2%) tax on income to be used for the general municipal operations of the City, shall be renewed and shall be levied and collected on income as defined in and in the manner now prescribed by the existing income tax ordinance, Ordinance No. 1986-29 as renewed by initiative on November 6, 1990 and in accordance with all other ordinances, resolution and regulations now in effect governing the administration and collection of such income tax; provided however, that the present respective of allocations of income tax revenue between the General and Capital Improvement Funds as set forth in Section 9 of said existing ordinance 1986-29 as renewed shall not be applicable to such one-half percent (1/2%) tax, it being intended that same shall be collected and made available for all General Fund Appropriations. (Ord. 2018-16. Passed 2-20-18.)