(A) (1) There is hereby established a special revenue fund in the City Treasury which shall be designated and known as the City Sales and Service Tax and Use Tax Fund.
(2) The City Sales and Use Tax Fund shall consist of: all revenues received from collection of the city’s sales and use taxes, including any interest, additions to tax and penalties imposed on such taxes, and deposited with the City Treasurer; all appropriations to the fund; all interest earned from investment of the fund; and any gifts, grants or contributions received and placed by the city into the City Sales and Use Tax Account.
(3) Revenues in the City Sales and Use Tax Fund shall not be treated by any person to be a general revenue of the city. Revenues in the City Sales and Use Tax Fund shall be disbursed in the manner and consistent with the priorities set forth for in division (B) below.
(B) Revenues in the City Sales and Use Tax Fund shall be used: first, to satisfy the debt service requirements each fiscal year on any bonds issued by, or other obligations incurred by, the city, from time to time, including any refunding bonds, to finance capital improvements to the city and for any other economic development or public safety projects, including the funding of any reserve funds relating to any such bonds or other obligations, and/or to make lease payments which secure bonds issued to finance other economic development projects; and second, after providing for payment of first priority items, any unencumbered revenue in the City Sales and Use Tax Fund may periodically be transferred as necessary or convenient to the city’s General Revenue Account.
(Ord. passed 1-6-2015)