§ 45.167 T RANSMITTAL OF EXCESS TAX COLLECTIONS.

   If any retailer collects an amount upon a sale not subject to the tax imposed hereby but which amount is purported to be the collection of the tax, or if a retailer collects an amount upon a sale greater than the amount of the tax so imposed thereon and does not for any reason refund the same to the purchaser who paid the same before filing the return for the period in which it occurred, the retailer shall account for and pay over those amounts to the city along with the tax properly collected.

(Ord. 9391, passed 11-18-2019) Penalty, see § 45.999

§ 45.168 ENF ORCEMENT; LICENSE SUSPENSION; REVOCATION.

   Payment and collection of the tax and any late payment penalty may be enforced by action in any court of competent jurisdiction and failure to collect, account for and pay over the tax and any late payment penalty shall be cause for suspension or revocation of any city license issued for such prepared food facility or liquor facility applicable to the premises thereof in addition to any other penalty provided in this subchapter.

(Ord. 9391, passed 11-18-2019)

§ 45.169 PROCEEDS OF TAX.

   All tax collected must be deposited in and used in accordance with the Economic Growth Fund.

(Ord. 9391, passed 11-18-2019)

§ 45.170 SUPER MAJORITY TO REPEAL OR AMEND ANY PROVISIONS OF THE TAX.

   In order to amend or repeal this subchapter, or any portion thereof, a super majority vote of two- thirds of the corporate authorities then holding office is required.

(Ord. 9391, passed 11-18-2019)

§ 45.171 RENEWAL PROVISION.

   This subchapter is effective from May 1, 2020 through April 30, 2025. The City Council shall consider the renewal of the provisions of this subchapter prior to April 30, 2025.

(Ord. 9391, passed 11-18-2019)

ECONOMIC GROWTH FUND

§ 45.180 CREATION OF ECONOMIC GROWTH FUND.

   There is hereby created an economic growth fund, which fund shall be separate and distinct from the general fund of the city. Said economic growth fund shall receive its revenue from the prepared food and beverage and alcoholic beverage tax collected by the city. The Comptroller shall account for this fund separately from the general fund.

(Ord. 9398, passed 12-16-2019)

§ 45.181 EXPENDITURE OF FUNDS.

   Funds deposited in the economic growth fund may only be expended for economic growth, in the manner allowed herein. The expenditure of funds shall primarily focus on marketing, tourism and retail. The funds should be expended on projects and plans that further the Quincy Next Strategic Plan. Expenditure of funds from the economic growth fund shall follow the rules for expenditures established by the purchasing manual of the city.

(Ord. 9398, passed 12-16-2019)

§ 45.182 INVESTMENT OF FUNDS.

   Funds deposited in the economic growth fund that exceed the amount of projected expenditures may be invested by the City Treasurer, in accordance with rules and regulations relating to the investment of funds held in the city general fund.

(Ord. 9398, passed 12-16-2019)

§ 45.183 PERPETUALITY OF FUND.

   This fund shall continue until all revenues deposited in the fund and earnings thereon from investments are entirely spent as provided in § 45.181 of this code.

(Ord. 9398, passed 12-16-2019)

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