Ord 062-2001 6/19/2001ORDINANCE NO. (pl_2LN
ORDINANCE APPROPRIATING $906,879 OF FUND BALANCE IN THE
EXCESS SALES TAX EXPENDABLE TRUST FUND FOR STREET
IMPROVEMENT PROJECTS; FINDING AND DETERMINING THAT THE
MEETING AT WHICH THIS ORDINANCE WAS PASSED WAS OPEN TO
THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, in January 1997, voters of the city approved an additional one -half
cent sales tax to be used to reduce property taxes; and
WHEREAS, the collection of this tax began in October of 1997; and
WHEREAS, a legal requirement of this additional tax was to deposit any excess
sales tax collections, which are collections above the projected amount, into an Excess
Sales Tax Fund, and
WHEREAS, during the first three years of collecting the additional sales tax,
these excess funds could only be used if, and to the extent that, other revenues fell
short of projected amounts, and
WHEREAS, after that initial three year period, these excess sales tax funds can
be used for any general governmental purpose, and
WHEREAS, the City Council desires to transfer this revenue to a Capital Project
Fund to be used for street improvement projects.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. There is hereby appropriated in the Excess Sales Tax Revenue
fund the amount of $906,879 to be used for street improvement projects.
SECTION 2. It is hereby officially found and determined that the meeting at
which this ordinance was passed was open to the public as required by law.
PASSED AND APPROVED this the 19th day of June 2001.
AYOR
ATTEST: