A. To provide funds for the purpose of general municipal operation, maintenance, new equipment, extension and enlargement of municipal services and facilities, capital improvements, and for the financing, construction, operation, maintenance and improvement of the municipal waterworks system of the Village of Delta, there shall be, and is hereby levied a tax on salaries, wages, commissions and other compensation and on net profits as hereinafter provided.
B. Said tax shall be levied, collected and paid with respect to the salaries, wages, commissions and other compensation, and with respect to the net profits of persons, businesses, professions or other activities earned from April 1, 1968 and prior to January 1, 1980, at the rate of one percent (1%) per annum; from January 1, 1980, for a period of fifty-five (55) years to December 31, 2034, at the rate of one and one-half percent (1.5%) per annum; and from January 1, 2035, at the rate of one percent (1%) per annum to and including the date of revocation of this chapter. That to the extent permitted by law in effect at the time and to the extent such funds are not needed, Village Council may determine to cancel the levy of one-half of one percent (.5%) at any time prior to the expiration of the fifty-five year period authorized by this section.
(Ord. 15-36. Passed 12-7-15.)