(A) Modified sales and use tax imposed. The Village Board hereby imposes a sales and use tax of 1.0% upon the same transactions within the village on which the state is authorized to impose a tax by amending use of the proceeds from the current sales and use tax, subject to the terms and conditions set forth in division (B).
(B) Terms and conditions.
(1) Specific use. The entire portion of the proceeds of the sales and use tax, equal to 1.0%, shall be allocated to a village sanitary sewer, storm sewer, water systems, and real property maintenance and construction fund, for use by the village to maintain or construct village-owned sanitary sewers, storm sewers, water systems and real property, or to pay for loans (including principal, interest and fees) incurred by the village for such construction or maintenance. The net proceeds of the modified sales and use tax shall be appropriated and expended consistently with this division. The modified sales and use tax imposed by this section shall be administered as provided in the Nebraska Local Option Revenue Act, Neb RS 77-27,142 et seq.
(2) Termination of specific use. Use of the proceeds of the sales and use tax for the village sanitary sewer, storm sewer, water systems, and real property maintenance and construction fund shall automatically terminate on March 31, 2027, and shall revert to use for acquiring, repairing or replacing village sanitary sewer, storm sewer and water system improvements on April 1, 2027, unless use of the proceeds for the village sanitary sewer, storm sewer, water systems and real property maintenance and construction fund is extended by a vote of the qualified electors prior to that date.
(3) Use of current tax proceeds. The currently unallocated but collected proceeds of the sales and use tax, as that amount exists on March 31, 2017, shall remain separate from the village general fund and shall continue to be used only for acquiring, repairing or replacing village sanitary sewer, storm sewer and water system improvements.
(4) Continuity of tax. If the amendment to the sales and use tax is not extended by a vote of the qualified electors prior to March 31, 2027, village shall continue to impose a sales and use tax at a rate of 1%, pursuant to the Nebraska Local Option Revenue Act, and all proceeds shall again be applied only for the purpose of acquiring, repairing or replacing village sewer, storm sewer and water system improvements.
(Ord. D-319, passed 1-10-17)