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AN ORDINANCE CHOOSING THE METHOD OF LOCAL USE TAX <br />DISTRIBUTION AS REQUIRED UNDER SECTION 144.757 RSMO, SO THAT <br />THE TAX MONEY SHALL BE DISTRIBUTED TO THE CITY OF UNIVERSITY <br />CITY BASED ON THE PERCENTAGE RATIO THAT ITS POPULATION <br />BEARS TO THE TOTAL POPULATION OF ALL MUNICIPALITIES <br />CHOOSING THE SAME OPTION; CONTAINING AN EMERGENCY CLAUSE. <br /> <br /> WHEREAS, Ordinance No. 6144 imposed a one and one-half percent local use tax for the <br />privilege of storing, using or consuming within the City of University City any article of tangible <br />personal property; and <br /> <br /> WHEREAS, on April 7, 1998 the qualified voters of the City of University City, Missouri, <br />approved said one and one-half percent local use tax; and <br /> <br /> WHEREAS, Section 144.757 RSMo requires the City of University City to choose one of <br />two local use tax distribution methods permitted in Section 97.890.4 RSMo; and <br /> <br /> WHEREAS, under Option 1, eighty-five percent of the tax moneys generated within the City <br />of University City would be returned to the City of University City and the remaining tiPteen percent <br />would be allocated as provided under Option 2; and <br /> <br /> WHEREAS, under Option 2, one hundred percent of the tax moneys generated within the <br />City of University City would be retained in a trust fund created in the state treasury and distributed <br />to each municipality choosing Option 2 based on the percentage ratio that the population of that <br />municipality bears to the total population of all municipalities choosing Option 2. <br /> <br /> NOW, THEREFORE, BE IT ORDAINlED BY THE COUNCIL OF THE CITY OF <br />UNIVERSITY CITY, MISSOURI, AS FOLLOWS: <br /> <br /> Section 1. The City of University City, Missouri chooses Option 2 in Section 94.890.4 <br />RSMo. One hundred percent of the local use tax moneys generated within the City of University <br />City pursuant to Ordinance No. 6144 shall be retained in subaccount #2 of the trust fund created in, <br />and allocated as provided in, subdivision (2) of subsection 5 of Section 94.890 RSMo. <br /> <br /> Section 2. An emergency is hereby declared to exist in that the City of University City <br />will not receive the local use tax moneys it is entitled to until this ordinance is passed. <br /> <br />Section 3. This ordinance shall take effect and be in force from and after its passage. <br /> <br /> <br />