(A) For the purpose of providing funds for general Municipal operations, maintenance, new equipment, extension and enlargement of Municipal services and facilities and capital improvements of the Municipality, there is hereby levied a tax on salaries, wages, commissions and other compensation, other income described elsewhere in this chapter, and on net profits as provided in this chapter.
(B) An annual tax for the purposes specified in Section 881.012 (A) shall be imposed on and after July 1, 1978, at the rate of one percent (1%) per year, and an additional annual tax for the sole purpose of providing funds for capital improvements of the Municipality, including the payment of debt service on obligations issued to fund capital improvements, shall be imposed on and after July 1, 1988, at the rate of five-tenths of one percent (0.5%) per year.
(Ord. 15-30. Passed 11-19-15.)