Every person who engages in the business of producing oil from any well or wells located within this city shall pay an annual license tax for each well operated by such person for the purpose of producing crude oil, gas, or other petroleum substances, computed as follows:
A. One hundred fifty dollars, which amount is referred to in this chapter as "the base tax"; plus
B. Fifteen cents times the number of barrels of oil produced and shipped from the well during each calendar quarter of the calendar year, except as adjusted herein, which amount is referred to in this chapter as the "per-barrel tax." The per-barrel tax shall be adjusted on July 1, 1984, and on each July 1st thereafter. The adjustment shall be to increase or decrease the per-barrel tax by an amount equal to the percentage increase or decrease during the previous fiscal year (July 1 st through June 30th) in the Producers Price Index for Crude Petroleum (OS-61) as printed in the Monthly Labor Review, published by the United States Department of Labor, Bureau of Labor Statistics. In no case, however, shall the "per barrel tax" be decreased to a rate below 12.5 cents per barrel of oil produced. Such adjustment shall be determined by the tax collector.
(Ord. 83-06-908 § l; Ord. 78-6-798 § 3; Ord. 76-12-757 § 1; Ord. 70-11-667 § 1 (part): prior code § 5.08.040(A) (Ord. 64-10-569 § 1; Ord. 533 § 2 (part), 1962; Ord. 494 § 42.5(a), 1960))