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• fl. <br /> 2.1 Based on an analysis of the businesses in the RDA, the City has <br /> determined that State Excise Tax Allocation Revenues in 2016 were $656,299 and the <br /> State Property Tax Allocation Revenues for 2017 are estimated at$0. <br /> 2.2 The City Council finds that the City.has satisfied all prerequisites for <br /> imposing the LIFT Tax and for receiving the State Contribution, including without <br /> limitation,the conditions set forth in RCW 39.102.040 and RCW 82.14.475. <br /> 2.3 Prior to June 30, 2018,the City may incur indebtedness via general <br /> obligation bonds,pursuant to RCW 39.102.150 to finance the Public Improvements. <br /> Section 3. State-Shared Sales and Use Tax ("LIFT Tax") imposed as of July 1, <br /> 2015. <br /> The sales and use tax authorized under RCW 82.14,475 is imposed as of July 1,2017 as follows:. <br /> 3.1 Effective Date and Duration. The sales and use tax authorized by this <br /> ordinance shall be imposed and become effective as of July 1,2017. It shall expire when <br /> all indebtedness issued under the authority of RCW 39.102.150 is retired and all other <br /> • contractual obligations relating to the financing of public improvements under RCW <br /> 39.102 are satisfied, but not later than July 1,2042, which is twenty-five years after the <br /> date the LIFT Tax is first imposed. <br /> 3.2 Rate. The tax rate shall initially be set at 0.02951% of the selling price <br /> (in the case of a sales tax) or value of the article used (in the case of a use tax). The tax <br /> rate may be adjusted by resolution of the City Council from time to time so that it is set at <br /> the rate reasonably necessary to receive the state contribution over ten months, in <br /> accordance with RCW 82.14.475(3)(b), but shall not exceed the rate of 0.02951% <br /> established by Resolution No. 6178 <br /> 3.3 Use of LIFT Tax Receipts. Subject to RCW 39.102.195, receipts of the <br />