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5 <br /> 9. Professional Employer Services. In computing the tax, a professional employer <br /> organization may deduct from the calculation of gross income the gross income of the <br /> business derived from performing professional employer services that is equal to the <br /> portion of the fee charged to a client that represents the actual cost of wages and salaries, <br /> benefits,workers' compensation,payroll taxes,withholding, or other assessments paid to <br /> or on behalf of a covered employee by the professional employer organization under a <br /> professional employer agreement.—. <br /> 10. Interest on Investments or Loans Secured by Mortgages or Deeds of Trust. In <br /> computing tax,to the extent pe�aiitted by Chapter 82 14A RCW there may be deducted <br /> from the measure of tax by those engaged in banking,loan, security or other financial <br /> businesses, amounts derived from interest received on investments or loans primarily <br /> secured by first mortgages or trust deeds on non-transient residential properties. <br /> Section 5. Section 1, subsection 3.24.060, of Ordinance No. 2810-04 is hereby repealed. <br /> city. Such tax shall be levied and collected whether goods or services arc delivered within <br /> within or without the city. As to such persons,the amount of tax shall be equal to the <br /> - - • . ..,. <br /> contract price may net be reduced by the ,- .. ., ., ..,,-, .. .- ., . '.1 . <br /> Section 6. Effective Date.• <br /> This Ordinance shall take effect on January 1,2013. <br /> Section 7. Referendum Provisions. • <br /> To the extent RCW 35.21.706 is applicable,the citizens of the City of Everett are put on notice <br /> that this ordinance is subject to Article XI of the Charter of the City of Everett. Article XI <br /> entitles direct legislation and provides procedures which must be followed for exercising the <br /> power of initiative or referendum and shall be the special initiative procedure adopted in this <br /> chapter pursuant to RCW 35.21.706. <br /> Section 8. General Duty. • <br /> It is expressly the purpose of this Ordinance to provide for and promote the health, safety,and <br /> welfare of the general public and not to create or otherwise establish or designate any particular <br /> class or group of persons who will or should be especially protected or benefited by the terms of <br /> this Ordinance. It is the specific intent of this Ordinance that no provision or any term used in <br /> • <br /> Page 511:#56 <br />