(A) As payment in lieu of taxes there shall be paid each fiscal year from the Water Utilities System Revenue Fund to the General Fund an amount equal to 15% of the Revenue Fund’s gross sales for the preceding fiscal year. The total amount shall not exceed $120,000 for each fiscal year.
(B) The payment shall be made; provided, that if the cash position of the Revenue Fund is such that payments cannot be made, except by deferring other payments for which prior liens on revenues have been established by ordinance, the payment in lieu of taxes shall be deferred until the cash position of the Revenue Fund is sufficient to make payments in lieu of taxes.
(C) (1) The proceeds from the tax levied under this section shall be dedicated to the payment of debt service for the new municipal complex.
(2) When the debt service for the municipal complex has been paid in full, then the tax levied under this section shall be paid to the General Fund with no dedication in effect.
(Ord. 12-96, passed 8-6-96; Am. Ord. 14-05, passed 6-28-05)