It is hereby declared to be the purpose of this chapter to provide revenues for use as follows:
A. Revenues from one percent (1%) Excise Tax shall be used to provide revenues for the support of the functions of the Municipal government of the City;
B. Revenues from one percent (1%) Excise Tax shall be used to provide revenues for the following purposes:
1. Sixty six percent (66%) of the one percent (1%) Excise Tax reference in this subsection shall be used to assist the trustees of the Stroud hospital authority:
a. In paying principal, interest and debt service requirements on two (2) promissory notes dated September 9, 1977, and initially issued in favor of the United States of America, acting through the farmers home administration, which notes were issued in the original aggregate principal amount of two million dollars ($2,000,000.00) (collective, the "hospital notes");
b. Assisting the hospital authority in meeting the costs of operation and maintenance of Stroud's hospital facilities and any capital costs associated therewith; provided, however, that the Excise Tax revenues shall not be utilized for the purposes referenced in this subsection B1b without the prior approval of the City Council of the City. Upon receipt of the sixty six percent (66%) of the Excise Tax referenced in this subsection, the City will cause the portion of the Excise Tax receipts to be deposited in a special trust account which may be drawn upon by the Stroud hospital authority for the above described purposes and for maintenance of a special reserve account. Upon payment or provision for payment of the referenced hospital notes, the revenues attributable to the sixty six percent (66%) of the Excise Tax referenced in this subsection (including any sums accumulated in the special trust account referenced above) shall be available generally for the support of the functions of the Municipal government of the City;
2. Thirty four percent (34%) of the one percent (1%) Excise Tax referenced in this subsection shall be used to provide revenues for the support of the functions of the Municipal government of the City; and
C. Revenues from one percent (1%) Excise Tax shall be used for capital expenditures for the use or benefit of the City or for payment of debt service in connection with obligations issued to finance the capital expenditures;
D. Revenues from one percent (1%) Excise Tax shall provide revenues for the use and benefit of the City and any public trust having the City as beneficiary thereof, to be used to finance capital improvements benefiting the City and/or debt service in connection with obligations heretofore issued or to be issued to finance the capital improvements, the capital improvements to include, but not by way of limitation, improvements at the proposed City industrial park, recreational facilities, water and sanitary sewer system improvements, and the construction and repair of streets and alleys within the City. (2000 Code § 7-207)
E. Revenues from one percent (1%) Excise Tax shall provide revenues to be used for capital expenditures within the City pertaining to the construction, reconstruction, and improvement of streets, roads and sidewalks, as well as related drainage improvements, all for the use and benefit of the City and any public trust having the City as beneficiary thereof and/or for the payment of debt service in connection with obligations heretofore issued or to be issued to finance or refinance said capital expenditures and related costs. (Ord. 277, 1-24-2013, eff. 7-1-2013)