On and after July 1, 2008, there is levied upon and there shall be collected from every person, firm or corporation engaged in carrying on an electric power business, natural gas business and/or artificial gas business for hire, within or partly within the city limits, an annual tax for the privilege of so doing, such tax to be equal to six percent of the total gross revenues received from the operation of such businesses within the city limits. On and after January 1, 2023, the finance director shall allocate one percent of the tax revenue received under this section for the purpose of acquiring, investing in, constructing, improving, providing, operating, preserving, maintaining and/or funding transportation improvements in the city. The remaining five percent levied shall be relegated for use by the city’s general fund. (Ord. 6882 § 5, 2022; Ord. 6790 § 3 (Exh. C), 2020; Ord. 6785 § 5, 2020; Ord. 6170 § 4, 2008; Ord. 5797 § 2, 2003; Ord. 5673 § 3, 2002; Ord. 4180 § 1, 1986; Ord. 3827 § 1, 1982; Ord. 3679 § 1, 1981; 1957 code § 5.42.030. Formerly 5.88.040.)