09/18/1985 Meeting (2) - Laserfiche WebLink

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'. . ') combination of the following ballot measures: 1. Charter Amendment restricting the City Personal Income Tax rate to 1/2% and use of revenue generated for capital expenditures including e the Capita 1 Improvements Program and debt service on the Airport Terminal and Library Expansions. 2, Charter Amendment establishing the City's authority to issue revenue bonds to be repaid with the proceeds of any tax, fee, charge or other revenue generated by the City. 3. Measures providing for general obligation (full faith and credit) backing to revenue bonds: *A. Airport Terminal Expansion -- $15.5 million 8, Library Expansion -- $8.8 Million *$15.5 million = $4.5 million user fee supported and $11.0 million income tax supported bonds, assuming worst case of only $1.6 in FAA grants. To place the ballot measures on the November 5 Special Election ballot, Council must past resolutions referring the measures to the voters and an ordinance calling for an election and placing the measure(s) on the Special Election ballot. . PERSONAL INCOME TAX To implement the City Personal Income Tax, Co~ncil must approve the attached ordinance which imposes a City of Eugene Personal Personal Income Tax. The effective implementation of the City Personal Income Tax is subject to -- voter approval of the charter amendment restricting the rate and use of the tax proceeds, The following is a general outline of the various provisions of the City of Eugene Personal Income Tax Act: 1. App 1 i cabil ity - A, On adjusted gross income, as defined by the Act 8. On residents and non-residents of the City of the Eugene, with application only to adjusted gross income of non-residents earned within the City corporate limits. 2. Rate - 0.5% of adjusted gross income 3. Credits - If the adjusted gross income is less than $5,000, the tax credit is equivalent to the amount of the tax; between $5,001 and $7,500, a decreasing credit schedule is applied to the tax liability, 4. Administration - Administered by the State of Oregon Department of Revenue. 5. Provisions - Consistent with and subject to update by the State of Oregon and United States Income Tax statutes and regulations. 6, Withholding - Employers within the City corporate limits will be required to withhold taxes from employees for transmittal to - the Department of Revenue, 7, Dedication - Revenue generated by this Act is dedicated to the administration of this Act and capital expenditures including any debts created by the Airport Terminal amd Library Expansions or implementation of the Capital Improvements Program.