3.44.020 TAX LEVY.

(a) Method. There shall be levied, assessed, collected and paid, a tax of fifty cents for each charge of one dollar or more paid for admission of one person for one meeting, to any place at which horse racing meetings are held or conducted within this city, including admission by season ticket or subscription. In the case of admission by season ticket or subscription, such tax shall be levied, assessed, collected and paid, based on the price so charged for admission of one person to one meeting, and such tax of fifty cents shall be multiplied by the number of meetings to which the holder or owner of such season ticket or subscription is entitled to attend by reason of such season ticket or subscription, and shall be paid at the time of the payment for such season ticket, or subscription, by the purchaser thereof.

(b) Reduced Admission Tax. The tax to be levied, assessed, collected and paid by certain classes of admittees shall be twenty-five cents per admission, whether they are admitted with or without charge. The reduced rate of tax shall apply to the following classes:

(1) Senior citizens of the age of sixty-five years or more;

(2) Members of the armed forces of the United States in active duty status;

(3) Persons admitted on tickets sold by a charitable, nonprofit organization, with income tax-exempt status, engaged in a charity fundraising project.

(c) Allocation of Receipts. The taxes paid and received shall be allocated hereafter as follows:

(1) The sum of twenty-five cents of each such admission tax paid shall be deposited in the City general fund.

(2) The sum of twenty-five cents of each such admission tax paid shall be deposited in a capital improvements fund to improve and extend vehicular parking and traffic circulation to, in, around or about the racetracks within this city.

Said fund shall be accumulated for property acquisition, design and construction of such racetrack area public improvements as may be determined to be necessary by resolution of the City Council. The improvements may be financed by annual appropriations from said fund, or may be used to pay interest and principal upon any bond issue made for the express purpose of financing the public improvements, or to pay rent to any public agency or nonprofit corporation which has issued bonds to finance such improvements, as well as for operation and maintenance of said improvements. When capital costs are fully paid or retired, the funds shall be paid into the general fund.