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7-207: PURPOSE OF REVENUES 1 :
A. It is the purpose of the revenues provided by the first cent Sales Tax to provide revenues for the support of the functions of the Municipal government of the City.
B. It is hereby declared to be the purpose of the revenues provided by the second cent tax levied by ordinance 1116 to provide revenues solely for capital improvements of the City and for making deposits into the Sinking Fund of the City to pay the principal of and interest on bonded indebtedness of the City incurred for capital improvements of the City, and the proceeds of the tax shall be so utilized and shall not be otherwise expended or appropriated.
C. It is declared to be the sole purpose of the one-half of one percent (0.5%) Sales Tax levied by ordinance 1348, and extended by ordinance 1430, to provide revenues through a Sales Tax, the proceeds of which shall be transferred to the Duncan economic development trust authority (authority) to be used to provide funds for economic development of the City; the economic development shall include, but not be limited to, the creation of funds to be used for marketing Duncan to potential new industries, for creating new jobs by attracting new industries to Duncan, to retain existing jobs and create additional jobs by expansion of existing industries, to facilitate the building of new and expansion of existing industries, and to contract with the Duncan area economic development foundation (foundation) in order to obtain foundation assistance in accomplishing economic development and expansion in Duncan. All revenues raised herefrom shall be deposited into a special account to be named the "economic development marketing account of the city of Duncan" and such proceeds will be used specifically for the purposes contained herein. All expenditures of this new tax shall be audited annually. (Prior code ch. 7; amd. Ord. 1288, 8-12-1988; Ord. 1348, 4-12-1994; Ord. 1363, 10-11-1994; 2015 Code)
2. Beginning with ord. 1443, the purposes of Sales Tax revenues are summarized only in subsection 7-201B of this chapter.