receipts derived from certain consumer sales and services to fund projects for new public improvements. A. Notwithstanding the provisions of Section 1370 of this title and in accordance with Section 1 of this act, any county of this state with a population of more than three hundred thousand (300,000) according to the latest Federal Decennial Census may levy a sales tax of not to exceed one percent (1%) upon the gross proceeds or gross receipts derived from all sales or services in the county upon which a consumer's sales tax is levied by the state, except as provided in paragraph 8 of Section 1357 of this title, subject to the following conditions: 1. The proceeds of such sales tax shall be used solely for the purpose of funding one or more projects for new public improvements; 2. Before a sales tax may be levied by the county, the imposition of the tax shall first be approved by a majority of the registered voters of the county voting thereon at a special election called by resolution of the board of county commissioners; 3. Such sales tax can only be imposed for a period of not to exceed three (3) years; and 4. Any special election called pursuant to this section must be held no later than March 1, 1994. B. The board of county commissioners shall create a limited- purpose fund and deposit therein any revenue generated by any sales tax levied pursuant to the provisions of subsection A of this section. The fund shall be placed in an insured interest-bearing account and the interest which accrues to the fund shall be retained in the fund. Monies in the limited-purpose fund shall be expended only as accumulated and only for the purpose specifically described in paragraph 1 of subsection A of this section. C. As used in this section: 1. "Projects for new public improvements" means any new and beneficial change, addition, betterment or enhancement of or upon any real property belonging to a public agency, intended to enhance the value, beauty or utility of said property or to adapt it to new or further purposes; and 2. "Public agency" means the State of Oklahoma and any county, city, public trust or other public entity specifically created by the statutes of the State of Oklahoma or as a result of statutory authorization contained therein.
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