A. In addition to the powers described in Chapter IV, Section 2 of this charter, during the time period beginning on July 1, 2017 and ending on June 30, 2022, the city shall have the power to impose, levy and collect a transaction privilege tax and use tax not exceeding five-tenths of one percent (0.5%) for the payment of city expenses for the following purposes:
(1) Street improvements: restoration, repair, resurfacing and improvement of the condition of city streets, including all necessary costs in connection therewith; and
(2) Public safety improvements: acquisition and upgrading of public safety vehicles and equipment, and capital improvements of public safety facilities.
B. There shall be established a street improvements fund which shall consist of forty percent (40%) of all revenues collected from the tax authorized under section 3(a) above, as well as any interest earned on those monies. The director of finance shall deposit all monies received from the designated tax revenues into this fund, and shall invest monies in the fund, and all accounts therein as provided by Chapter XXIX of this Charter. The director of finance shall credit monies earned from these investments to the fund. The street improvements fund shall be administered as follows:
1. Sixty cents ($0.60) of each dollar in the street improvement fund shall be used for restoration, repair, resurfacing and improvement of the condition of major streets, to include principal arterial and minor arterial streets, collector streets, and subcollector streets;
2. Forty cents ($0.40) of each dollar in the street improvement fund shall be used for restoration, repair, resurfacing and improvement of the condition of local or residential streets.
3. Monies from the street improvement fund shall be appropriated by the mayor and council only for the purposes set forth in this section and in accordance with a street improvement plan approved by the mayor and council by ordinance on or before January 31, 2017.
C. There shall be established a public safety improvements fund which shall consist of sixty percent (60%) of all revenues collected from the tax authorized under section 3(a) above, as well as any interest earned on those monies.
The director of finance shall deposit all monies from the designated tax revenues into this fund, and shall invest monies in the fund, and all accounts therein as provided by Chapter XXIX of this Charter. The director of finance shall credit monies earned from these investments to the fund. The public safety improvements fund shall be used exclusively for the payment of expenses associated with the acquisition and upgrading of public safety vehicles and equipment, and capital improvements of public safety facilities, in accordance with a public safety improvements plan approved by the mayor and council by ordinance on or before January 31, 2017.
D. The power to impose, collect and levy the taxes authorized by section 3(a) above shall expire on June 30, 2022, unless that power is extended or renewed by the approval of a majority of the qualified electors of the city voting at an election called for that purpose.
Editors Note: Ch. IV. § 3, was added at a special election held May 16, 2017, pursuant to the provisions of Ord. No. 11421. The mayor certified the result of the election on June 8, 2017. and the governor approved the amendment on June 21, 2017. The amendment authorized a tax to fund street improvements and public safety investments for a period of five years.