(A) A tax is hereby levied on the act of platting real property in the City. The initial improvement tax rate shall be $0.215 per square foot. The intermediate traffic signal tax rate is:

(B) Every applicant shall pay to the Administrator prior to recordation of an approved plat with the Register of Deeds, a tax equal to the area of the real property included in the plat multiplied by the current tax rate, less any applicable credits. The area of real property shall be finally determined by the Administrator. If multiple plats shall be filed in phases, the fee shall be due prior to each individual plat being recorded.

(C) No approved plat subject to this tax shall be recorded until the applicant has paid the tax in full.

(D) The Administrator shall forward all taxes collected to the Director of Financial Services who shall be responsible for the placement of such funds in an interest bearing account designated as the “Trafficway Excise Tax Account,” in the Future Street Improvement Fund which account shall be capable of being accounted for independently of all other City accounts and subaccounts. All excise tax revenues shall be deposited into such account. All interest earned by the account shall be considered funds of the account. The funds in the account may be pooled with other City funds solely for the purpose of investment and for financial management; provided, however, that appropriate accounting controls have been adopted and implemented to ensure that the taxes collected and deposited to such account are utilized only for the purposes specified herein and pursuant to the applicable legal requirements.

(E) The Tax shall be paid by wire transfer, certified check, or cashier’s check. (Ord. 05-126 § 1, 2005; Ord. 02-52 § 2, 2002; Ord. 01-105 § 1, 2001; Ord. 00-112 § 1, 2000; Ord. 99-94 § 1, 1999; Ord. 98-106 § 3, 1998.)