[Amended 7-5-2016 by Ord. No. 1742]
A local option sales and use tax is imposed and levied for the benefit of the City at a total rate of 2% upon the same transactions that are sourced under the provisions of applicable Nebraska statutes within the corporate limits of the City, as constituted from time to time, on which the State of Nebraska is authorized to impose a tax pursuant to the Nebraska Revenue Act of 1967, as amended from time to time, which two-percent tax shall be comprised of the following components:
One and one-half percent City sales and use tax originally imposed on or about April 1, 1989, and continuing in perpetuity; and
Additional 1/2% City sales and use tax effective January 1, 2017, or as otherwise required by Neb. R.R.S. § 77- 27,143, and continuing for a period of 10 years after said effective date, unless bonds are issued with some or all of the additional sales and use tax revenues from this additional tax are pledged for repayment of said bonds, in which case the increased sales and use tax rate and additional tax of an additional 1/2% will remain in effect, and the additional revenues will be collected until such bonds and any refunding bonds are repaid in full.
Additional local option sales and use taxes described in Subsection A(2) above shall be subject to any extensions or other modifications from time to time adopted or approved by the City in accordance with applicable law, without regard to whether or not this § 175-20 also is revised to incorporate or otherwise reflect said extension or other modification.