(A) There is hereby created the Sparta Municipal, Civic and Cultural Fund into which shall be paid all proceeds received by virtue of the annexation agreement entered into by and between the city and Peabody Coal Company on the 2-22-1978.
(B) An appropriation shall be made annually to the Fund in the annual appropriation ordinance of the city of all moneys expected to be received during the current fiscal year of the city pursuant to the provisions of the aforesaid annexation agreement.
(C) It shall be the duty of the City Clerk and the City Treasurer to deposit that portion of the sales tax received by the city resulting from the sale of coal mined by the surface mining method from the annexed area pursuant to the annexation agreement into the above designated fund. The portion of the sales tax receipts received by the city from the state’s Department of Revenue shall be determined to be 1% of the gross sales price of all coal sold within the state as set forth in the Peabody Coal Company monthly report less the percentage as is charged for collection of the same by the state’s Department of Revenue. All moneys received directly from Peabody Coal Company resulting from the sale of coal outside the state (or all moneys paid by Peabody Coal Company to the city pursuant to the provisions of the annexation agreement in the event of the repeal or modification of the state’s Municipal Retailers’ Occupation Tax Act [i.e., 65 ILCS 5/8-11-1, 8-11-1.3]) shall be deposited in the above designated fund. Upon the deposit of the moneys in the above designated fund, the moneys shall be invested and expended only in accordance with the provisions of this subchapter.
(1994 Code, § 36.12) (Ord. 292, passed 4-10-1979)