(A) The .75% excise tax levied hereunder shall be used to finance or fund capital improvements and related costs, to include debt service on obligations issued to finance said capital improvements; the improvements to be reviewed by the Guthrie Area Projects Committee and approved by the City Council by resolution.
(B) All revenues generated by this article shall be deposited in a limited-purpose fund and money in this limited-purpose tax fund shall be expended only as accumulated and only for the purpose specified in this article as approved by a vote of the qualified electors of the city as provided for in § 7-68.
(C) For purposes of this section, the term CAPITAL IMPROVEMENTS shall have and be given the same meaning as set forth in 11 O.S. § 17-110.
(Ord. 3254, passed 6-3-14; Am. Ord. 3269, passed 4-7-15; Am. Ord. 3277, passed 1-19-16)