(A) It is hereby determined to be in the best interests of the city and its citizens that the proceeds derived from the levy of 1% sales tax approved by the electors as aforesaid on November 29, 1977, (one-half of the aforesaid 2% levy), be appropriated to the trustees of the Public Works Authority to enable the trustees to expand and improve the water, sanitary sewer and storm sewer systems owned by the city.
(B) There is hereby appropriated one-half of the proceeds to be derived from the 2% sales tax, levied and collected by the city to the trustees of the Public Works Authority, to be held by the trustees in a special account or trust fund pending the development of the project consisting of the expansion and improvement of the water, sanitary sewer and storm sewer system serving the city, and upon development of the project or projects to use the proceeds thereof solely and only in the payment of capital costs thereof, or for debt service on indebtedness incurred for the expansion and improvement projects. In implementation and furtherance of the purposes for which the additional excise tax is levied, the amounts appropriated to the Authority shall be expended by it solely and exclusively for the following purposes and in the following order of priority:
(1) The making of payments into the Bond Account, as provided in the Water System Bond Indenture of the Authority, dated October 1, 1977, as now or hereafter amended and supplemented in accordance with its terms;
(2) The making of payments into the Sinking Fund Reserve Fund provided in the Indenture as so amended and supplemented; and
(3) Payment of the costs and expenses of and incidental to the making of capital improvements to the water system, sanitary sewer system and storm sewer system of the city either directly or by the making of deposits into funds or accounts of the Authority or of the city, for the payment of the principal of or interest on indebtedness incurred for any capital improvements.
(C) The Mayor, City Clerk and Treasurer are authorized and directed to deposit one-half of the proceeds of the aforesaid 2% sales tax monthly, as received, in the General Fund of the city and forthwith to pay the amount so deposited from the General Fund to the trustees of the Public Works Authority. A certified copy of this article shall be delivered to each of the officials and shall constitute their continuing authority to make the monthly deposits and payments hereinabove directed.
(D) It is hereby further declared to be the purpose of this article to provide a portion of these revenues for the support of the functions of the municipal government of the city.
(`90 Code, § 7-5) (Ord. 2454, passed - -; Am. Ord. 2588, passed - -)