HomeMy WebLinkAboutResolution 98-006 designated fund for transportation capital improvementsMARANA RESOLUTION NO. 98-06
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA,
ARIZONA, DESIGNATING CERTAIN TAX RECEIlYfS TO BE USED SOLELY FOR
TRANSPORTATION CAPITAL IMPROVEMENTS, AND PROVIDING FOR A SEPARATE
ACCOUNT FOR SUCH FUNDS.
WHEREAS, the Town of Marana has determined that it has significant need for
transportation capital improvements, and that such transportation needs have increased, and will
continue to rise, due to the dramatic escalation of development activities in the Town; and
WHEREAS, Ordinance No. 98.02, as adopted by the Town of Marana Mayor and
Council, has increased the tax rate for construction contracting activities to three percent (3%);
and
WHEREAS, the Town Council of the Town of Mar, ma has determined that two-thirds
(2/3) of the sales tax generated from construction contracting activities should be segregated from
other tax revenue, placed in a separate account, and used for the purposes of transportation capital
improvements.
NOW, THEREFORE, BE 1T RESOLVED by the Mayor and Council of the Town of
Marana, Arizona, that two-thirds (2/3) of the tax revenue generated from construction contracting
activity within the Town of Marana, pursuant to sections 8-415, 8-416, and 8-417 of the Marana
Town Code shall be placed in a separate account, and said funds and interest from said funds shall
thereafter be used solely for transportation capital improvements.
BE IT FURTHER RESOLVED that the effective date of this Resolution shall be May 1,
1998, and it shall apply to the designated tax revenue which is collected for construction activity
conducted after such date.
Marana. Arizona Resolution 98-06 Page 1 of 2
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona,
this 3~d day of February, 1998.
ATTEST:
~TO FORM:
-'~[5~iel I. Hochuli
Town Attorney
~N
Marana, Arizona Resolution No. 98-06 Page 2 of 2