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Ord 1560 - AMENDING CHAPTER 15 OF THE TOWN CODE. RELATING TO CONSTRUCTION TAX.i ORDINANCE NO. 1560 AN ORDINANCE AMENDING CHAPTER 15 OF THE TOWN CODE. RELATING TO CONSTRUCTION TAX. THE TOWN COUNCIL OF THE TOWN OF LOS GATOS HEREBY ORDAINS: SECTION 1 Section 15 -76 of the Town Code is hereby amended to add to that section the following: " Section 1 -76 Tax Rates Effective July 1, 1983, and thereafter, (a) Capital Improvement Tax: $.18 for each square foot of building addition or alterations which increases floor area of an existing building; (b) Underground Utility Tax: $.18 for each square foot of building addition or alterations which increases floor area of an existing building. (c) Park Fund Tax: $.04 for each square foot of building addition or alterations which increases floor area of an existing building." SECTION 2 Section 15 -82 of the Town Code is hereby amended as follows: " Section 15 -82 Use of Revenues Revenues derived from levy of the tax under the provisions of this article shall be used in the following manner: (a) The tax collected pursuant to Section 15 -76 as a capital improve- ment tax shall be used only for the acquisition of land for public purposes and for the construction, renovation, remodeling, furnishing or refurnishing of capital improvements. (b) The tax collected pursuant to Section 15 -76 as an underground utility tax shall be used only for the conversion of existing overhead utility lines to underground. (c) The tax collected pursuant to Section 15 -76 as a Parks Fund Tax shall be deposited in the Public Parks Fund of the Town for uses as provided for in that Fund." SECTION 3 This ordinance takes effect 30 days after the date it is adopted. Within 15 days after this ordinance is adopted, the Town Clerk shall cause it to be published once in a newspaper of general circulation published and circulated in the Town. This ordinance was introduced at a regular meeting of the Town Council of the Town of Los Gatos on N 15 1982, and V op Md by the con inue following vote as an ordinance of the Town of Los Gatos at a /regular meeting of the Town Council on December 7 , 1982. AYES: COUNCILMEMBERS Joanne Benjamin, Terrence J. Daily, Thomas J. Ferrito, MarLyn J. Rasmussen and Mayor .Brent 11. Ventura NOES: COUNCILMEMBERS None ABSENT: COUNCILMEMBERS None ABSTAIN: COUNCILMEMBERS None SIGNED: MAYOR OF THE TO N OF LOS GATOS ATTEST: C2,4, Oe V CLERK F -HE TOWN OF LOS GATOS -2-