(A) To provide funds for improvements to the sewerage and storm drainage system of the Municipality and the payment of debt service on bonds, notes or other obligations incurred by the Municipality for such improvements, there is levied, in addition to any other income tax imposed, a tax on income at the rate of 0.3% per annum for the period beginning January 1, 2010 and ending December 31, 2019 upon Municipal Taxable Income.
(B) The funds collected under the provisions of this section shall be deposited in the Sewer Capital Improvement Fund and said funds shall be disbursed in the following manner, to wit:
(1) All of the gross available income tax receipts received annually which are attributable to the additional income tax levied pursuant to subsection (a) hereof shall be set aside and used for improvements to the sewerage and storm drainage system of the Municipality and the payment of debt service on bonds, notes or other obligations incurred by the Municipality for such improvements including, but not limited to, the payment of any architectural, engineering, financial, legal or other professional services related thereto.
(2) All expenses and costs of collecting the income taxes and the costs of administering and enforcing the provisions thereof shall be charged to the General Fund.
(C) This is a continuation of the tax rate in effect as of January 1, 2010 under Section 181.037 of the Codified Ordinances of Montpelier, Ohio.
(Ord. 2193. Passed 11-23-15.)