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the tax shall be 3.65 34 percent of the purchase price thereof. <br />C. Section 3.20.600 of the Louisville Municipal Code is hereby amended by the <br />addition of a new Subsection E to read as follows: <br />Sec. 3.20.600. Sales tax— Capital improvement fund - use of specified <br />revenues. <br />E. Revenues from the 0.15 percent rate of sales tax approved at the <br />November 8, 2016 election shall be deposited in the General Fund and used for <br />operating and maintaining the Louisville Recreation/Senior Center and pool <br />facilities at Memory Square Park. <br />D. Section 3.20.610 of the Louisville Municipal Code is hereby amended by the <br />addition of a new Subsection C to read as follows (words added are underlined; words <br />deleted are stricken through): <br />Sec. 3.20.610. – Use tax —Use of specified revenues. <br />A. Revenues from a three- eighth percent rate of use tax shall be used <br />exclusively for the acquisition of land in and around the city for open space buffer <br />zones, trails, wildlife habitats, wetlands preservation and future parks; and for the <br />development, construction, operation and maintenance of such open space zones, <br />trails, wildlife habitats, wetlands and parks. <br />B. Revenues from a one - eighth percent rate of use tax shall be <br />deposited into the historic preservation fund and the net proceeds of such one - <br />eighth percent use tax shall be collected, retained and spent exclusively for the <br />historic preservation purposes within historic Old Town Louisville as provided in <br />subsection 3.20.605.B of this chapter. <br />C. Revenues from the 0.15 percent rate of use tax approved at the <br />November 8, 2016 election shall be deposited in the General Fund and used for <br />operating and maintaining the Louisville Recreation/Senior Center and pool <br />facilities at Memory Square Park. <br />G. Except as herein provided, all revenues from the use tax shall be <br />deposited in such fund or funds as the city council shall designate. <br />ED. Except for those revenues subject to subsections Al and B and C of <br />this section, the city council shall have the authority by resolution to waive or <br />reduce the amount of use tax otherwise due and payable to the city pursuant to <br />section 3.20.300 and to enter into agreements for the sharing or crediting of <br />revenues from the tax imposed by said section 3.20.300, if city council determines <br />Ordinance No. 1724, Series 2016 <br />Page 3 of 5 <br />