HomeMy WebLinkAboutRES 0908' RESOLUTION NO. 908
WHEREAS, the City of Renton is about to adopt and pass its 1957 Budget,
which among others provides for an item of anticipated revenue in the form of payment
in lieu of taxes by the Federal Government, in the total sum of $76,029.00, and
WHEREAS, it has been suggested by the Chamber of Commerce and other inter-
ested groups, that such payment in lieu of taxes will actually amount to about
$163,000.00 during the year 1957, and
WHEREAS, it has been the policy of the City of Renton at all times since.
the original adoption of its Business and Occupation Tax, to reduce and/or eliminate
said tax at the earliest possible date, and in any case as soon as sufficient payment
in lieu of taxes were made available to the City, NOW THEREFORE,
BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF RENTON, AS FOLLOWS:
1. That it is the intention of the City of Renton to reduce the presently
prevailing rates under its Business and Occupation Tax Ordinance by fifty (50) per cent,
effective as of January 1, 1957, provided that the anticipated payment in lieu of taxes
to be received by the City during 1957 will be substantially in excess of the Cityts
present estimate so that in any event such excess will fully compensate the City for
its loss of revenue because of the said contemplated reduction of the Business and
Occupation Tax.
2. It is further resolved that in the event said additional payments in lieu
of taxes as above specified do not accrue to the City by August 1, 1957, then in any
such event the tax rates under the Business and Occupation Tax Ordinance shall be
raised to the -extent that such increased rates will be necessary to compensate the
City for its loss of revenue because of such prior reduction in rates.
PASSED BY THE CITY COUNCIL this lst day of October, 1956.
ELTON L. ALEXANDER, CITY CLERK
APPROVED BY THE MAYOR this 1st day of October, 1956.