(A) There shall be and are hereby levied the following annual taxes on the income of every person residing in or earning or receiving income in the Municipality, as measured by each such person's municipal taxable income, all as provided in this Chapter:
(1) To provide funds for the purpose of general municipal operations, maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements of the City, including the payment of debt service charges on note and bond issues for such purposes, a tax on municipal taxable income at a uniform rate of one and three-quarters percent (1-3/4%) per year.
(2) During the period commencing January 1, 2024 and ending December 31, 2028, a tax on municipal taxable income at a uniform rate of one-quarter percent (1/4%) to provide funds to be used for the purpose of paying (A) costs, excluding wages, salaries and benefits of City officers and employees, of (i) maintaining, repairing and improving public streets by constructing, reconstructing and rehabilitating the pavement base, bridges, curbs, drainage improvements, driveway approaches and pedestrian ramps, preparing the surface and surfacing and resurfacing, and installing traffic signals and signalization, and (ii) acquiring equipment required for such maintenance, repair and improvements, and (B) debt service charges on notes or bonds of the City issued for those purposes.
(B) Consistently with the provisions of division (A) of this Section, there shall be levied and imposed upon the municipal taxable income of every person residing in or earning or receiving income in the Municipality an aggregate annual income tax as follows: (1) for the period commencing January 1, 2024 and ending December 31, 2028, a tax at the uniform rate of two percent (2.00%) per year for the purposes specified in division (A)(1) and (2) of this Section; and (2) thereafter, unless a separate ordinance providing for a different rate or rates is approved by the electors of the City and this Council or otherwise passed in accordance with law, a tax at the uniform rate of one and three-quarters percent (1-3/4%) per year tax for the purposes specified in division (A)(1) of this Section. The provisions of division (A) of this Section 197.012 and of Section 197.013 shall govern the crediting, allocation, appropriation and use of funds obtained from the taxes levied under this Chapter.
(Ord. 22-3. Passed 1-4-22.)