Chapter 3.121
YAKIMA REVENUE DEVELOPMENT AREA (YRDA) CAPITAL FUND
Sections:
Article I. Fund
3.121.010 Fund created—Purpose.
Article II. State-Shared Sales and Use Tax
3.121.050 Effective date and duration.
3.121.070 Use of LIFT tax receipts.
3.121.090 General authorization.
3.121.100 Copy to Department of Revenue.
Article I. Fund
3.121.010 Fund created—Purpose.
There is created a capital fund to be known as the “Yakima revenue development area (YRDA).” The money in this fund shall be expended to pay for debt service and other costs for the development of the Yakima revenue development area. (Ord. 2011-31 § 1 (part), 2011).
3.121.020 Sources of funds.
Money to be deposited in the Yakima revenue development area fund shall be derived from sales and use tax per RCW 82.14.475, Sales and use tax for the infrastructure financing tool program, local property tax allocation per Chapter 39.102 RCW and other sources of available funds as may be authorized by the city council. (Ord. 2011-31 § 1 (part), 2011).
3.121.030 Expenditures.
Expenditures from the Yakima revenue development area fund shall be made only for the eligible public improvements in accordance with RCW 39.102, Local Infrastructure Financing Tool Program. (Ord. 2011-31 § 1 (part), 2011).
Article II. State-Shared Sales and Use Tax
3.121.040 Imposed.
State-shared sales and use tax, as authorized under RCW 82.14.475, shall be imposed as of July 1, 2011, as follows in this article. (Ord. 2011-17 § 1, 2011).
3.121.050 Effective date and duration.
The sales and use tax authorized by this article shall be imposed and become effective as of July 1, 2011, the first day of the state of Washington fiscal year. It shall expire when all indebtedness issued under the authority of RCW 39.102.150 is retired and all other contractual obligations relating to the financing of public improvements under RCW 39.102 are satisfied, but not later than July 1, 2036, twenty-five years after the date the tax is first imposed. (Ord. 2011-17 § 1.1, 2011).
3.121.060 Rate.
The tax rate shall initially be set at .0915 percent of the selling price (in the case of sales tax) or value of the article used (in the case of a use tax). The tax cannot exceed this rate, which has been calculated as the rate reasonably necessary to receive the annual state contribution of one million dollars over ten months, in accordance with RCW 82.14.475(3)(b), but can be adjusted downward by ordinance of the city council in the future. In any case, receipts in any given year cannot exceed one million dollars and the LIFT tax shall cease to be distributed to the city for the remainder of any state fiscal year in which the amount of tax received by the city equals the amount of the state contribution, or distributions reach one million dollars. (Ord. 2011-17 § 1.2, 2011).
3.121.070 Use of LIFT tax receipts.
Subject to RCW 39.102.195, receipts from the LIFT tax may be applied either to provide for the payment of debt service on bonds issued under RCW 39.102.150 by the city or to pay public improvement costs on a pay-as-you-go basis, or both. (Ord. 2011-17 § 1.3, 2011).
3.121.080 Indebtedness.
In accordance with RCW 82.14.475(16), the LIFT tax shall cease to be imposed if the city fails to issue indebtedness pursuant to RCW 39.102.150, and fails to commence construction on public improvements by June 30th of the fifth fiscal year in which the LIFT tax is imposed. (Ord. 2011-17 § 1.4, 2011).
3.121.090 General authorization.
The city manager and other appropriate city officers designated by the city manager are each hereby authorized and directed to do such things as may be necessary and appropriate in order to carry out the terms and provisions of, and complete the transactions contemplated by, this article, including without limitation all actions necessary to impose the collection of local infrastructure financing under Chapter 39.102 RCW. (Ord. 2011-17 § 2, 2011).
3.121.100 Copy to Department of Revenue.
Upon approval of the ordinance codified in this article, the city clerk is directed to cause a certified copy of the ordinance codified in this article to be delivered to the State of Washington Department of Revenue and any other public officers or agencies as required by law. (Ord. 2011-17 § 7, 2011).