To provide funds for the purposes of general municipal operation, maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements of the City, including the payment of debt service charges on notes and bonds issued for such purposes, there shall be, and hereby is, levied a tax on salaries, wages, commissions and other compensation, and on net profits as hereinafter provided, and such tax, consistently with other provisions hereof, shall be at the rate of one percent (1%) until January 1, 1981 and at the rate of one and one-half percent (1 2%) on and after January 1, 1981.
(Ord. 22-80. Passed 9-2-80.)