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(A) For the privilege of selling tangible personal property at retail, a tax is imposed upon all retailers in the city at the rate of 0.995% of the gross receipts of the retailer from the sale of personal property sold at retail in the city, commencing for the fiscal year beginning July 1, 2006.
(B) The tax rate shall decrease each fiscal year at the rate of 0.005%, effective July 1 of each year.
(C) This decrease shall continue until the rate is reduced to 0.950%, at which time the rate shall remain at that level.
(`67 Code, § 6-2-2) (Am. Ord. 2006-005, passed 3-27-06)