186.012 PURPOSES OF TAX; RATE.

   (A)    To provide funds for the purposes of general municipal operations, constructions, maintenance, payment of debt, new equipment, extension and enlargement of municipal services and facilities and capital improvements of the City of Waverly there shall be, and is hereby, levied a tax on salaries, wages, commissions and other compensation, and on net profits as hereinafter provided.

   (B)   Subject to Section 186.98 , an annual tax for the purposes specified in Section 186.012 (A), above, shall be imposed on and after January 1, 2016 at the rate of one percent (1%) per annum upon Municipal Taxable Income.

(Ord. 78-2015. Passed 12-15-15.)