A tax is hereby imposed in accordance with the provisions of 65 Illinois Compiled Statutes 5/8-11-6 upon the privilege of using in the Village any item of tangible personal property which is purchased outside Illinois at retail from a retailer, and which is titled or registered with an agency of Illinois government. The tax shall be at a rate of one percent (1%) of the selling price of such tangible property with selling price to have the meaning as defined in the "Use Tax Act", approved July 14, 1955. (Ord. 0-74-66, § 1, 10-21-1974)