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'. RJC.1IJ12/16/60-7 RESOLUT.!.ON N o. 3271 RESOLUTION OF INTENTION CONCERNING ALLOCATION OF ANTICIPATED SALES AND USE TAX REVENUES WHEREAS, Ordinance No. 845, the Uniform Local Sales and Use Tax Ordinance of the City of Redwood city, will become effective January 1, 1961; and, WHEREAS, it is the intention and desire of the Council of the City of Redwood City to express its policy concerning the allocation of anticipated revenues to be derived from the taxes imposed by such ordinance; NOW I THEREFORE; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: That it is the intention, desire, and policy of the Council of the City of Redwood City to make provision for the allocation of all proceeds of sales and use taxation received by the City of Redwood City, as follows: (a) Eighty percent (80%) of such revenues shall be appro- priated, allocated, and set aside in a fund to be created for capital outlay purposes including preparation of plans and speci- fications, acquisition of real property, acquisition of personal property, furnishings, fixtures and equipment of a permanent nature having an anticipated life of more than five years, and construction and completion of capital improvement projects. (b) Twenty percent (20%) of such revenues shall be allocated and appropriated for payment of ordinary current operating ex- penses of the City. AND I BE IT FURTHER RESOLVED: That it is the intention, desire and policy of the Council of the City of Redwood City to refrain from imposing any special tax levy for capital expenditures as authorized and provided for by Section 57(a) of the Charter of the City of Redwood City so long as the allocations provided for in this resolution are in effect. * * *