(A) All of the revenues, interest, and penalties derived from the local sales and use tax imposed by this subchapter, collected by the commissioner, and remitted to the city shall be deposited by the City Finance Director in the city treasury and shall be credited to the fund established to pay the costs of collecting the local sales and use tax imposed by this chapter and to finance the capital and administrative costs directly related to completing the designated projects.
(B) The local sales and use tax imposed by this chapter shall terminate at the earlier of:
(1) December 31, 2038; or
(2) When the City Council determines that $15,000,000, plus an amount sufficient to pay the costs related to issuing bonds and interest on the bonds has been received from the local sales and use tax imposed by this chapter to pay for all the capital and administrative costs directly related to completing the designated projects. Any funds remaining after payment of all such costs and retirement or redemption of the bonds shall be placed in the general fund of the city. The local sales and use tax imposed by this chapter may terminate at an earlier time if the City Council so determines by ordinance.
(Ord. 121, 4th series, passed 11-4-2019)