§ 27-70.3. Purpose of revenues.

The Code of Ordinances, City of Altus, Oklahoma (the "Code of Ordinances"), is hereby amended by adding Division 5 to Article II Sales Tax, Chapter 27 Taxation of said Code of Ordinances, for the following purpose:

PURPOSE OF EXTENSION OF EXISTING ONE PERCENT SALES TAX.

It is hereby declared that the extension of the existing one (1) percent sales tax levied by this division shall be in addition to the other sales tax levied by said Code of Ordinances as may be hereafter amended from time to time, and the proceeds of such sales tax shall be transferred to the Altus Municipal Authority ("authority") to be used as follows:

(1)

Proceeds of the sales tax revenue authorized by this division will be used for construction of a water treatment plant and related distribution lines for use by the city.

(2)

To the extent sales tax proceeds are available, up to ten (10) percent of the sales tax revenue authorized by this division may be used for significant jobs creation projects. No funds will be used for salaries, travel, administration or recruitment activities. Said sales tax revenues will not be bonded, financed or borrowed against, until firm contracts guaranteeing quantitative jobs are achieved between the City of Altus and potential employers. These funds will be transferred to the Altus Municipal Authority and used to aid construction and financing of plant facilities and related infrastructure for new and/or expanding industries. No funds may be used for working capital or inventories.

(3)

To the extent sales tax proceeds are available, up to five (5) percent of the sales tax revenues authorized by this division may be spent on construction and/or remodeling of a police station, to be located in the downtown municipal complex area, in Altus, Oklahoma.

(Ord. No. 99-15, § 3, 10-19-99)