(a) Purpose. To provide funds for the purchase of general municipal operations, including wages and salaries of employees, purchase of new equipment, maintenance, extension and enlargement if municipal services and facilities and capital improvements of the City of Wapakoneta and for necessary debt service, there shall be, and is hereby, levied a tax on Municipal Taxable Income, as herein defined in division (c)(20)A. of this section.
(b) Rate. Subject to the provisions of this ordinance, an annual tax for the purposes specified above shall be imposed on and after January 1, 2016, at the rate of one percent (1%) per annum.
(c) Additional Tax.
(1) The purpose of this Subsection (c) is to provide funds for the purpose of making street improvements including the following: grinding existing asphalt roads and repaving, installation or replacement of curbs and gutters, base stabilization necessary for street improvement and normal street maintenance for the City of Wapakoneta.
(2) An annual income tax for the purpose as specified in subsection (c)(1) of this section shall be imposed at the rate of five-tenths (5/10) of one percent (1%) per annum in addition to the one percent (1%) currently being levied and collected.
(3) Said additional five-tenths (5/10) of one percent (1%) tax shall be levied, collected, and paid with respect to the municipal taxable income (see Codified Ordinance Section 891.03), for a term of five years beginning January 1, 2018. Provided, however, that where the fiscal year of a person (see Codified Ordinance Section 891.03) differs from the calendar year, the tax shall be applied to that part of the municipal taxable income for the fiscal year as shall be earned on or after January 1, 2018, to the close of the taxpayer's fiscal year. Thereafter, the taxpayer (see Codified Ordinance Section 891.03) shall report on its fiscal year basis.
(4) Except for the allocation of funds for this tax as set forth above, all of the sections of Chapter 891 of the Codified Ordinances of the City of Wapakoneta pertaining to the income tax shall apply to the tax levied under this subsection.
(5) The income tax rules and regulations adopted by the City pursuant to this Chapter 891 shall apply to the income tax levied under this subsection (c).
(6) This subsection (c) shall continue to be effective as the levy of the additional tax at the rate of five-tenths (5/10) of one percent (1%) per annum is concerned for a term of five years and insofar as the collection of taxes levied in the aforesaid period and action or proceedings for collection of any tax so levied or enforcing any provisions of this subsection (c) are concerned and shall continue effective until all said taxes levied in the aforesaid period are fully paid and any and all suits and transactions for the collection of said taxes or for the punishment of violations of this subsection (c) shall have been terminated.
(Ord. 2015-45. Passed 11-16-15; Ord. 2017-22. Passed 7-10-17.)