(A) The proceeds of the additional 1% sales tax levied and assessed by this article and the proceeds of the existing 2% sales tax of the city shall be used as follows. The revenues generated by the sales tax shall be transferred to the Public Works Authority, to be used for the payment of operation and maintenance costs of the water system of the city and the payment of the debt service, including payment of interest and principal and premium, if any, as the same become due, whether at the stated maturity thereof by acceleration, call for redemption or otherwise, on indebtedness incurred by the authority. Following payment of the debt service above stated and operation and maintenance costs of the system, any remaining revenue shall be paid over to the general fund of the city for use for the general purposes of the city. Nothing herein contained shall affect the pledge of the existing 1% sales tax previously pledged to the payment of Series 1978 and EDA Series Bonds of the authority.
(B) Article 2 and this article are hereby amended to provide that the sales tax levied and assessed pursuant thereto, shall be used as set forth in this section.
(`90 Code, § 7-30) (Ord. 2640, passed - -)