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AN ORDINANCE CHOOSING THE METHOD OF LOCAL USE TAX DISTRIBUTION AS REQUIRED UNDER SECTION 144.757 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. 6144 imposed a one and one-half percent local use tax for the privilege of storing, using or consuming within the City of University City any article of tangible personal property; and WHEREAS, on April 7, 1998 the qualified voters of the City of University City, Missouri, approved said one and one-half percent local use tax; and WHEREAS, Section 144.757 RSMo requires the City of University City to choose one of two local use tax distribution methods permitted in Section 97.890.4 RSMo; 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 the remaining tiPteen 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 ORDAINlED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. The City of University City, Missouri chooses Option 2 in Section 94.890.4 RSMo. One hundred percent of the local use tax moneys generated within the City of University City pursuant to Ordinance No. 6144 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. Section 2. An emergency is hereby declared to exist in that the City of University City will not receive the local use tax moneys it is entitled to until this ordinance is passed. Section 3. This ordinance shall take effect and be in force from and after its passage.