(A) The Revenue Commission shall be under the control and management of the Commissioners and shall be held and sacredly used for the payment of the principal and interest of the general obligation bonded debt of the Metro Government. The Metro Council may not pass ordinances to diminish the assets of the Revenue Commission until all of the debts of the Metro Government chargeable to the Revenue Commission are paid but may pass ordinances to increase the assets of the fund.
(B) The Metro Council shall yearly determine and appropriate to the Revenue Commission an amount sufficient to meet the debts of the Metro Government chargeable to the Revenue Commission for the coming year based upon the estimate presented to Metro Government. In addition the Metro Council shall, during the regular budget process, appropriate to the Revenue Commission an amount it determines sufficient to pay the cost of the administration of the Revenue Commission. Such budgets shall be submitted during the regular budget making process.
(C) License fees or taxes, including penalties and interest, imposed by the Metro Council for revenue purposes shall be collected by the Commissioners. The proceeds from the taxes shall be paid to the Secretary-Treasurer of the Revenue Commission until income from all sources of the Revenue Commission is sufficient to pay the interest charges for the current fiscal year of the Revenue Commission in addition to a sum sufficient to amortize the outstanding principal general obligation bonded indebtedness of the Metro Government on a yearly basis in accordance with regularly used amortization tables. Revenue remaining after meeting the foregoing requirements shall be transferred to the Metro Government, except for funds identified in subsection (H) which shall be transferred in accordance therein. All revenues not otherwise expected shall be credited to the general fund of the Metro Government as received and may be expended for general purposes or for capital improvements.
(D) All general obligation bonds that constitute obligations of a Metro Government shall be made a charge upon the Revenue Commission, except that no bonds shall be made a charge upon the Revenue Commission unless sufficient provision has been made, at the time of issuing the bonds or at the time of the charge, for the payment of interest and principal of the bonds.
(E) If any money or property of the Revenue Commission is injured, withheld or abstracted, the Commissioners may sue for and recover the same or any part thereof, in their corporate name.
(F) Any stock owned by the Metro Government in the Louisville Water Company shall be held by the Revenue Commission as a part of the resources of Metro Government.
(G) The Commissioners shall require monthly detailed statements from the Secretary-Treasurer as to the condition of the fund.
(H) Beginning in Fiscal Year 2024, the Revenue Commission shall set aside in a capital improvement fund 4.5% of its fee for collection of all tax revenue annually accruing over a period of five years for the express purpose of funding regularly scheduled tax administration and collection operating system upgrades. This amount will be set aside after the Revenue Commission's cost of operation is subtracted from the collection fee. If the balance of the collection fee is insufficient to fund the full 4.5%, the balance of the collection fee will be set aside in the capital improvement fund. Any remaining balance of the collection fee shall be transferred to Metro Government pursuant to subsection (C) of this section. Upon the expiration of the five year term, subject to Metro Council appropriation, the funds shall be released to the Revenue Commission. Any funds accrued in excess of the cost of said upgrades shall be transferred to the general fund of the Metro Government and expended for general purposes or for capital improvements. The capital improvement fund will continue to be funded in this manner every five years for the purpose of regularly scheduled upgrades to the tax administration and collection system until such time as the system is replaced or no longer in use.
(1999 Lou. Code, § 32.112) (Lou. Ord. No. 204, approved 11-19-1982; Lou. Metro Am. Ord. No. 195-2003, approved 10-28-2003; Lou. Metro Am. Ord. No. 178-2022, approved 12-7-2022)