§ 27-70.8. Purpose of revenues.

The Code of Ordinances, City of Altus, Oklahoma (the "Code of Ordinances"), is hereby amended by adding division 6, article II Sales Tax, of said Code of Ordinances, for the following purpose:

Purpose of extension of existing one (1) percent sales tax and an additional three-fourths of one (0.75) percent sales tax. It is hereby declared that the extension of the existing one (1) percent sales tax and the additional three-fourths of one (0.75) 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 may be transferred to the Altus Municipal Authority ("authority") to be used as follows:

Proceeds of the sales tax revenue authorized by this division will be used for, to the extent legal and practical, the following projects:

(i)

Fifty (50) percent of the sales tax proceeds shall be used for:

(a)

Construction of a city hall, police station and senior citizen's center;

(b)

Renovation of the existing fire station, and to the extent sales tax proceeds are available, construction of a new fire station in the northeast quadrant of the city; and

(c)

Economic development purposes through transfer of said sales tax proceeds to the Altus Municipal Authority, who will assist in the implementation of such economic development for significant job creation projects; and

(ii)

Fifty (50) percent of the sales tax proceeds shall be used for renovation of the high school and construction of new high school classroom facilities for Altus Public Schools.

The proceeds of the sales tax revenue shall be used for said capital expenditures by the city and/or for payment of debt service in connection with obligations issued to finance said capital expenditures. No proceeds of the sales tax revenue will be used for salaries, travel, administration, recruitment activities, working capital or inventories.

(Ord. No. 2008-12, § 3, 6-17-08)