(A) The purpose of this chapter is to provide funds for the purposes of general municipal operations, maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements of the City, including, but not limited to, the payment of debt service charges on notes and bonds issued for such purposes.
(B) There shall be, and hereby is, levied a tax on Municipal Taxable Income, to wit-salaries, wages, commissions and other compensation and all other individual income subject to tax under Section 183.04 of this Chapter, and on net profits under Section 183.06 as hereinafter provided, and such tax, consistent with other provisions hereof, shall be at the rate of one percent (1%) until January 1, 1981 and at a rate of one and one-half percent (1½%) on and after January 1, 1981.
(Ord. 19-15. Passed 10-27-15.)