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HomeMy WebLinkAboutO-1384ORDINANCE NO. 1384 AN ORDINANCE ALLOCATING THE FUNDS COLLECTED FROM THE CITY OF FAIRHOPE'S SALES AND USE TAX Section 1. That the Treasurer for the City of Fairhope is hereby instructed and empowered to receive and deposit any funds collected in the future as Sales and Use Tax receipts according to the following distribution: 1. Deposit one-half (1/2) of each month's Sales and Use Tax receipts into the General Fund Operating Account, for operations of the General Fund. 2. Deposit one-half (1/2) of each month's Sales and Use Tax receipts into a General Fund Reserve Account, specifically designated as Special Tax Reserve Account, until such date that deposits equal or exceed 20% of General Fund budgeted revenue for the fiscal year in which target deposit amount is achieved. Funds in this Special Tax Reserve Account are to be used for emergencies only, including, but not limited to, storm damage repair to city streets, parks, and buildings, as approved by vote of the City Council. Section 2. That after one (1) year, and the anniversary date of each successive year, of receiving Sales and Use Tax revenue and depositing as herein described, OR when the General Fund Special Tax Reserve Account is equal to 20% of budgeted General Fund revenues, whichever is earlier, the need for or distribution, or both, of the Sales and Use Tax revenue is to be reviewed and adjusted by the City Council. Section 3. The sections, paragraphs, sentences, clauses and phrases of this ordinance are severable, and if any phrase, clause, sentence, paragraph or section of this ordinance shall be declared unconstitutional by a court of competent jurisdiction, then such ruling shall not affect any other paragraphs and sections, since the same would have been enacted by the municipality council without the incorporation of any such unconstitutional phrase, clause, sentence, paragraph or section. Section 4. This ordinance shall take effect immediately, and upon its due adoption and publication as required by law. ADOPTED AND APPROVED this 27th day of April, 2009 ATTEST: �.... // �. /. " Y �• , .