Annual ad valorem tax levy in downtown district; disposition of funds

The city commission is authorized to levy an additional ad valorem tax on all real and personal property in the downtown district as described in this article, not exceeding 0.4750 mills on the dollar valuation of such property, for the purpose of financing the operation of the downtown development authority. This levy of 0.4750 mills per dollar ad valorem tax shall be in addition to the regular ad valorem taxes and special assessments for improvements imposed by the city commission. The tax collector shall transmit funds so collected to the appropriate officer of the city responsible for the handling of the public money who shall deposit the same in the city treasury to the credit of the authority. Such money shall be used for no purpose other than those purposes authorized in this article and, upon approval of the board, pursuant to vouchers signed by a minimum of two authorized signatories of the authority, who shall be the executive director and one member of the board of directors, or two members of the board of directors. The funds of the authority shall be secured as other public funds are secured. Other money received by the authority shall forthwith be deposited in the city treasury to the credit of the authority, subject to disbursement as authorized in this article. The city shall not obligate itself nor shall it ever be obligated to pay any sums from general public funds, or from any public funds other than money received pursuant to section 14-59 for or on account of any of the activities of the authority.

(Code 1967, § 13-13; Code 1980, § 14-34; Ord. No. 12905, § 2, 4-12-07; Ord. No. 13573, § 2, 11-19-15)