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HomeMy WebLinkAbout4492 Ordinance - Amending PMC 3.20 and 3.175ORDINANCE NO. 4492 AN ORDINANCE OF THE CITY OF PASCO, WASHINGTON, UPDATING TITLE 3 "REVENUE AND FINANCE" OF THE PASCO MUNICIPAL CODE, BY REVISING SECTIONS WITHIN CHAPTERS 3.20 "REAL ESTATE EXCISE TAXES," AND 3.175 "STREET OVERLAY FUND." WHEREAS, the City utilizes revenues received from utility taxes to resurface existing city streets and Real Estate Excise Taxes to fund large capital projects, WHEREAS, the growth of the City requires embarkment of new activities and change in engagement of other activities, WHEREAS, State laws, City's activities, and definitions have evolved over last several years; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. Amending sections under PMC Chapter 3.20 REAL ESTATE EXCISE TAXES as follows: 3.20.010 ESTABLISHMENT OF REAL ESTATE EXCISE TAX, USE OF PROCEEDS. There is established and imposed an excise tax on each sale of real property in the corporate limits of the City at a rate of one-quarter of one percent of the selling price. Revenues generated from the tax imposed under this section are to be used by the City solely for (inane ng eapiW pfejeets speeified in a p tal f eili es plan element e fthe G,,mpr-ohms,.. Pla as authorized by law under RCW 82.46, or any amendments thereto. 3.20.020 ESTABLISHMENT OF ADDITIONAL REAL ESTATE EXCISE TAX, USE OF PROCEEDS. Effective March 1, 2010, in accordance with RCW 82.46.035, and in addition to the excise tax on each sale of real property in the corporate limits of the City as imposed by PMC 3.20.010, there is hereby imposed an additional excise tax on each sale of real property located within the corporate limits of the City of Pasco at the rate of one-quarter of one percent of the selling price. Proceeds from the additional tax shall be expended as authorized by law under RCW 82.46, or any amendments thereto. > , .�lt ,.ol,. a bilitti ,., t f t eels ads highways, sidewalks, alks o aee. ea� �� o fios o ,Y , signals, bridges, stoozm-ini ewef systemsand planning, eenstmetion, estf+ efie,', Ordinance — PMC Title 3 Amendments 1 3.20.050 FUND CREATED. There is created a special accounting fund to be known as the "eapital ifflpfavements Real Estate Excise Tax fund" into which fund there shall be placed all proceeds received from the County Treasurer from the City of Pasco real estate excise taxes. Separate accounting for the taxes imposed by PMC 3.20.010 and 3.20.020 shall be maintained within the Real Estate Excise Tax fund. Section 2. Amending PMC Chapter 3.175 and sections under PMC Chapter 3.175 STREET OVERLAY FUND as follows: 3.175 STREET OVERLAY FUND. 3.175.010 FUND CREATED — USE. A fund, to be known as the street overlay fund, is hereby created for the purpose of accounting for funds received, disbursed or expended in eei, ttnetie w id the coy *rest ever -lay ..,.,,,...,,.., to support City's transportation system. The purpose of this fund is to preserve the City's investment in streets by regularly resurfacing existing City streets to extend their useful lives and thereby avoid more costly street rehabilitation programs, and providing matching funds for street projects. Revenues for this fund are generated through a Council -approved allocation of external business utility taxes and interfund utility taxes. The flow of funds assumption is that restricted revenues are spent on a specific identification basis. Section 3. This ordinance shall take full force and effect five (5) days after approval, passage and publication as required by law. PASSED by the City Council of the City of Pasco, Washington, this 15th day of June, 2020. Saul Martinez Mayor ATTEST: ) I&'_ 6dw-_ Debra Barham, CMC City Clerk Published: i JIB k zow Ordinance — PMC Title 3 Amendments 2 APPROVED AS TO FORM: Kerr son Law, PLLC C' Attorney