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BILL NO. 8276 , INTRODUCED BY COUNCILMEMBER SCHOOMER ORDINANCE NO. 6056 AN ORDINANCE CHOOSING THE METHOD OF CAPITAL IMPROVEMENT SALES TAX DISTRIBUTION AS REQUIRED UNDER SECTION 94.890 RSMO, SO THAT THE TAX MONEY SHALL BE DISTRIBUTED TO THE CITY OF UNIVERSITY CITY BASED ON THE PERCENTAGE RATIO THAT ITS POPULATION BEARS TO THE TOTAL POPULATION OF ALL MUNICIPALITIES CHOOSING THE SAME OPTION; CONTAINING AN EMERGENCY CLAUSE. WHEREAS, Ordinance No. 6047 imposed a one-half of one percent sales tax on all retail sales which are subject to taxation under the provisions of Sections 144.010 to 144.525 RSMo., for the purpose of funding capital improvements, including the operation and maintenance of capital improvements; and WHEREAS, on Apdl 2, 1996 the qualified voters of the City of University City, Missouri, approved said one-half of one percent sales tax; and WHEREAS, Section 94.890 RSMo requires the City of University City to choose one of two capital improvement sales tax distribution methods; and WHEREAS, under Option 1, eighty-five percent of the tax moneys generated within the City of University City would be returned to the City of University City and remaining fifteen percent would be allocated as provided under Option 2; and WHEREAS, under Option 2, one hundred percent of the tax moneys generated within the City of University City would be retained in a trust fund created in the state treasury and distributed to each municipality choosing Option 2 based on the percentage ratio that the population of that municipality bears to the total population of all municipalities choosing Option 2. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Sectiorl 1. The City of University City, Missouri chooses Option 2 under Section 94.890 RSMo. One hundred percent of the capital improvement sales tax moneys generated within the City of University City pursuant to Ordinance No. 6047 shall be retained in subaccount #2 of the trust fund created in, and allocated as provided in, subdivision (2) of subsection 5 of Section 94.890 RSMo. ~dJ_QD_2. An emergency is hereby declared to exist in that the City of University City will not receive the capital improvement sales tax moneys it is entitled to until this ordinance is passed.