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$787,000 for the general government funds of the City under current methods of taxation <br /> which is included in the 1998 budget as adopted by the Everett City Council; and <br /> WHEREAS, with this projected 1998 collection amount established as the basis <br /> by which to judge what is"revenue-neutral," the Everett City Council is willing to enter <br /> into a one-year trial period during which the method of taxation on punch board and pull- <br /> tab activity would be revised. <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: That Section 1 of Ordinance No. 2212.4„9_8_is hereby superseded for <br /> the period of 2:00 a.m. January 1, 1998, through 2:00 a.m. January 1, 1999. <br /> Section 2: This ordinance shall take effect 2:00 am January 1, 1998, for a one-year <br /> trial period. <br /> Section 3: Effective 2:00 am January 1, 1998, there is hereby levied upon and shall <br /> be collected from and paid by every commercial stimulant operator utilizing punch boards <br /> or pull-tabs a tax in an amount of ten percent (10%) on the gross receipts from punch <br /> boards or pull-tabs less the amount awarded as cash or merchandise prizes. <br /> Section 4: For purposes of evaluating the results of the herein described taxation <br /> methodology during this trial period, the City will conduct a review and analysis of punch <br /> board and pull-tab tax activity following collection of third quarter 1998 revenues and tax <br /> return data. <br /> Section 5: If the City Council determines that in its evaluation the herein described <br /> tax methodology for the trial period meets the City's revenue-neutral objective, then this <br /> ordinance shall not sunset but shall become permanent and Section 1 of Ordinance No. <br /> 2264-98 is hereby repealed effective 2:00 a.m. January 1, 1999. If City Council fails to <br /> make the above-described determination or if the City Council finds that the herein <br /> described tax methodology for the trial period does not meet the City's revenue-neutral <br /> objective, then this ordinance shall sunset and be deemed repealed as of 2:00 a.m. January 1, <br /> 1999, and Section 1 of Ordinance No. 2264-98 shall be in full effect and enforced as of <br /> 2:00 a.m. January 1, 1999. <br /> 2 <br />