A. Revenue: It is hereby declared to be the purpose of ordinance 72-16 to provide revenues for the operation of the Street Department for the purposes of, but not limited to, street, sidewalk and drainage maintenance and improvement; to provide revenue for the extension and improvements of public utilities; to provide revenue for the making of capital outlay to the City; and to provide revenue for the General Fund of the City.
B. Allocations:
1. The revenue generated by the Sales Tax pursuant to ordinance 72-16 from funds received by the City from October 1, 1994, until November 1, 1999, shall be allocated as follows:
a. Street Department, sixty five percent (65%).
b. Public utilities, ten percent (10%).
c. Capital outlay, twelve and one-half percent (12.5%).
d. General Fund, twelve and one-half percent (12.5%).
2. The revenues generated by the Sales Tax pursuant to ordinance 72-16 for funds received by the City from and after November 1, 1999, shall be allocated as follows:
a. Street Department, sixty five percent (65%).
b. Capital outlay, twelve and one-half percent (121/2%).
c. General Fund, twelve and one-half percent (121/2%).
d. General Fund and Street Department to be allocated between the two (2) by resolution of the City Council, ten percent (10%).
3. The proceeds of the three-fourths (3/4) of one percent (0.75%) Sales Tax levied and assessed by ordinance 2002-1 shall be used as follows:
a. One-half (1/2) of one percent (0.50%) of the Sales Tax revenues generated shall be used for the payment of the debt service, including payment of interest and principal and premium, if any, as the same become due, whether at the stated maturity thereof, by acceleration, call for redemption or otherwise, on indebtedness incurred by the City of Pryor Creek, Oklahoma, or a public trust issuing indebtedness on behalf of the City, the proceeds of which are to be used to acquire, construct and equip the Municipal Recreation Center Facility.
b. One-fourth (1/4) of one percent (0.25%) of the Sales Tax revenues shall be used for the payment of operation and maintenance expenses on said Municipal Recreation Center Facility, provided, any funds generated in excess of the actual operation and maintenance expenses, if any, may be used to pay debt service on or acquire equipment for use at said Municipal Recreation Center Facility at the option of the City.
C. General Support: It is hereby declared to be the purpose of ordinance no. 2017-6 to provide revenues for the general support of the functions of the Municipal government of the City of Pryor Creek, Oklahoma, and all lawful expenditures of the City related thereto. (Ord. 2017-6, 5-16-2017)