§ 74-71. Economic development corporation tax

(a) The facts and matters set forth in the preamble of Ordinance No. 03-06-578 are hereby found to be true and correct.

(b) There is hereby levied by the city, a sales and use tax of 0.5 percent within the city in accordance with and pursuant to Vernon's Ann. Civ. St. art. 5190.6, § 4A, as amended, (the "Act") for the benefit of a city industrial development corporation to be used to pay the costs of projects, as now or hereafter defined in Section 4(a) and Section 4A of the Act which shall be limited to: the promotion and development of industrial and manufacturing enterprises to promote and encourage employment and the public welfare.

(c) The city hereby authorizes the creation of the city's industrial development corporation to be known as the "City of Murphy Economic Development Corporation," in accordance with the Act and the authorization given by the voters at the May 3, 2003, election.

(d) The city manager and the city secretary are hereby authorized to assist and cooperate with the office of the comptroller of the state in the implementation of this section and the levy and collection of such sales and use tax.

(e) The city secretary is authorized and directed to forward a certified copy of this section to the comptroller of the state.

(f) It is hereby found and determined that the meeting at which this section was considered was open to the public, as required by the Texas Open Meetings Act, and that the notice of meeting relating to the regular meeting of the city council at which this section was considered and the posting thereof, was proper and said notice and posting are hereby authorized, approved, resolved, ratified, and confirmed.

(Code 1993, § 37.31; Ord. No. 03-06-578, 6-16-2003)