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<br />DES:yc:5/22/69 <br /> <br />ORIGINAL <br /> <br />JU~ :,:. . Ii' <br /> <br />o R DIN A N C E <br />--------- <br /> <br />N O. l'-itJS- <br /> <br />ORDINANCE AMENDING SECTION 32.8 OF THE CODE <br />OF THE CITY OF REDWOOD CITY RELATING TO <br />DISPOSITION OF SALES AND USE TAX REVENUES <br /> <br />THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: <br /> <br />SECTION 1. Section 32.8 of the Code of the City of Redwood <br /> <br />City is hereby amended to read as follows: <br /> <br />"Section 32.8 <br /> <br />All revenues received by the City from <br /> <br />the levy of the taxes imposed by this article shall be <br /> <br />deposited and paid into the General Fund of the City subject <br /> <br />to the following provisions: <br /> <br />"(a) An amount equal to 3.67 per cent of said revenues <br />deposited and paid into said General Fund shall <br />be credited to the Community Promotion Activity <br />(account) of said General Fund. <br /> <br />"(b) On or before June 30th of each year the City <br />Auditor shall transfer from the General Fund to <br />the Sales Tax Capital Outlay Fund an amount equal <br />to 66.33 per cent of the revenues received from <br />the levy of the taxes imposed by this article <br />during that fiscal year. <br /> <br />"(c) On or before June 30th of each year the City <br />Auditor shall transfer from the General Fund to <br />the Sales Tax Capital Expenditure Fund an amount <br />equal to 10 per cent of the revenues received <br />from the levy of the taxes imposed by this <br />article during that fiscal year." <br /> <br />SECTION 2. This ordinance shall be effective 30 days after <br /> <br />its adoption; provided, however, that the provisions thereof <br /> <br />shall be operative July 1, 1969. <br /> <br />* <br /> <br />* <br /> <br />* <br />