(A) There is hereby imposed a sales and use tax of 1% upon the same transactions within the city, which the state of Nebraska is authorized to impose a sales and use tax pursuant to the Local Option Revenue Act of the State of Nebraska, as amended from time to time. Said tax shall take effect for all transactions occurring after December 31, 1998. The revenue received from said tax will be allocated by the Mayor and Council of the city, to the general fund of the city for police and fire protection, street maintenance and improvements, city buildings maintenance and improvements, and parks and recreation.
(B) There is hereby imposed an additional sales and use tax of 0.50% upon the same transactions which the State of Nebraska is authorized to impose a tax, which additional sales and use tax shall commence April 1, 2005, for the purpose of paying:
(1) The principal of and the interest on Aquatic Center bonds in the principal amount of not to exceed $2,000,000, to be issued by the city, and
(2) The annual operational costs of the city's aquatic facilities after application of such aquatic facilities revenues.
Said tax to remain in effect only so long as any of the indebtedness evidenced by said bonds (including any refunding bonds issued to refund such indebtedness) shall remain outstanding and unpaid.
(C) That at the sunset of the additional sales and use tax of 0.50% set forth in division (B), when the outstanding bonded indebtedness set forth in said division is paid in full, then said additional sales and use tax of 0.50% shall continue and be used to provide funds for city capital projects principally consisting of the improvement, development, and maintenance of parks and recreation facilities, each of which capital projects shall be approved by the Mayor and City Council.
(D) There is hereby imposed an additional sales and use tax of 0.50% upon the same transactions which the State of Nebraska is authorized to impose a tax, which additional sales and use tax shall commence January 1, 2019, and be used for public infrastructure improvements, including the Chestnut Street Project. Said additional sales and use tax shall remain in effect for a period of ten years, unless bonds are issued with some or all of the additional revenues pledged for payment of such bonds, in which case the increased sales and use tax rate will remain in effect and additional revenues will be collected until payment in full of such bonds and any refunding bonds.
(Ord. 1670, passed 11-23-98; Am. Ord. 1878, passed 11-23-04; Am. Ord. 2174, passed 1-22-15; Am. Ord. 2281, passed 6-14-18)