All of the revenues, interests and penalties, derived from the sales and use taxes imposed by this chapter on or after October, 2017, and collected by the commissioner and remitted to the city, shall be deposited by the City Finance Director in the City Treasury and shall first be credited to pay the fund established to pay the costs imposed in collecting the taxes imposed herein and to finance the costs of the projects and, thereafter, shall be credited to the fund established to pay the costs imposed in collecting the taxes imposed herein and to finance the costs of the capital or administrative costs of the projects, and securing and paying debt service on bonds or other obligations issued to finance the projects. Taxes imposed by this chapter shall terminate on the earlier of (1) 20 years after the tax extension to pay for the projects, is first imposed; or (2) when the City Council first determines that the additional revenues received from the extension of the tax equals or exceeds the amount authorized to be spent for the projects up to $872,000. The tax imposed by this chapter may expire at an earlier time if the city so determines by ordinance but shall so terminate only on the last day of the calendar quarter succeeding the effective date of such ordinance. Any funds remaining after completion of the improvements and retirement or redemption of any bonds issued for the same may be placed in the general fund of the city.
(Ord. --, passed 6-7-2017)