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, <br /> ° REG:yc.6/19/62-7 <br /> `. . . <br /> 6,i25/62 <br /> O R D I N A N C E N O. lOS� <br /> ORDINANCE AMENDING SECTIONS 1 AND 2 OF, AND ADDING <br /> SECTION� 2.5 AND 2.6 TO, ORDINANCE NO. 1019, CI�TGING <br /> TF� ALLOCATION OF THE PROCEEDS OF MUNICIPAL SALES AND <br /> USE TA�S TO TI� SALES TAX CAPITAL OUTLAY FUND AND <br /> ESTABLISHING A SALES TAX CAPITAL EXPENDITURE FUND <br /> THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: <br /> SECTION 1. Section 1 of Ordinance No. 1019, entitled "An <br /> Ordinance Establishing a Sales Tax Capital Outlay Fund; Stating <br /> the Purposes of said Fund; Allocating 80'�6 of the Proceeds of all <br /> Municipal Sales and Use Taxes to said Fund tor the Purposes <br /> Thereof; Providing for the Disposition of the Remaining 2(�% of <br /> the Proceeds of such Sales and Use Taxes; and, Repealing Sections <br /> 24 and 11 of Ordinances Nos. 844 and 845 Respectively," adopted <br /> June 26, 1961, is hereby amended to read as follows: <br /> "Section l. A 'SALES TAX CAPITAL OUTLAY FUND' is <br /> hereby established. Seventy per cent (?0'�) of al1 revenues <br /> heretofore or hereafter received by the City of Redwood City <br /> �rom the imposition and levy of any municipal ta�ces on the <br /> sale or use of tangible persanal property in the City of <br /> Redwood City shall be set aside and allocated to the SALES <br /> TAX CAPTTAL OUTLAY FUND." <br /> SECTION 2. Section 2 of the above mentioned Ordinance <br /> No. 1019 is hereby amended to read as follows: <br /> "Section 2. All moneys set aside and allocated to the <br /> SALES TAX CAPITAL OUTLAY FUND may be appropriated or e�cpended <br /> only for capital outlay purposes. As used herein the phrase <br /> 'capital outlay purposes' shall include all expenditures <br /> necessary or convenient for the planning, designing, con- <br /> struction, and completion of pub lic works and improvements� <br /> and the acquisition of real property or interests therein." <br />