A.
There
is created, pursuant to Chapter 92 of the Acts of 2005, a vehicular
rental transaction surcharge. The surcharge shall apply to each and
every vehicular rental transaction that takes place or is processed
within the city of Revere and is subject to the provisions of M.G.L.
c. 90, Section 20E.
B.
The
surcharge imposed pursuant to this section shall be ten dollars for
each and every vehicular rental transaction contract in the city.
C.
In accordance
with Section 2 of Chapter 92 of the Acts of 2005, each vendor engaged
in vehicular rental transactions within the city of Revere shall remit
to the Massachusetts Department of Revenue on a quarterly basis all
surcharges imposed pursuant to this chapter.
(C.O. 05-656 § 2)
There is created, pursuant to Chapter 92 of the Acts of 2005,
a public safety facility capital expenditure fund. All moneys collected
from the vehicular rental surcharge and remitted to the city of Revere
shall be deposited in said fund. The city treasurer shall be the custodian
of such fund, and moneys from the fund shall be maintained in a special
account. The city treasurer may invest moneys in the fund, and any
interest earned on the account shall be credited to and become part
of the fund. The fund shall be utilized solely and exclusively for
the purpose of paying for debt service on any loans or bonds incurred
by the city for architectural, engineering, geotechnical and design
services for, and the original equipping and construction for, a new
public safety facility for the city of Revere.
(C.O. 05-656 § 3)
The surcharge shall cease to be imposed when and if the fund described in Section 3.02.030 contains sufficient amounts to fully satisfy the remaining debt service on the public safety facility.
(C.O. 05-656 § 4)
