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storm drainage system and street system rehabilitation, reconstruction and improvements and permanent improvements of the City of North Olmsted, including the payment of principal of and interest and any premium on general obligation bonds and bond anticipation notes, there shall be and is hereby levied a tax on salaries, wages, commissions and other compensation, and on net profits as hereinafter provided." Section 2. Section 1501.0501 of the Codified Ordinances of the City of North Olmsted, Ohio, as established by Ordinance No. 67-70, passed May 16, 1967, as amended by Ordinance No. 71-161, passed December 21, 1971, is hereby amended to read as follows: "1501.0501 RATE AND INCOME TAXABLE. An annual tax for the purposes specified in Section 1501.0101 shall be imposed, on and after January 1, 1988, at the rate of one and one-half percent per annum upon the following: (a) On all salaries, wages, commissions and other compensation earned on and after January 1, 1988, by residents of the City of North Olmsted. (b) On all salaries, wages, commissions and other compensation earned on and after January 1, 1988, by nonresidents of the City of North Olmsted for work done or services performed or rendered with- in the City of North Olmsted. (c) (1) On the portion attributable to the City of North Olmsted of the net profits earned on and after January 1, 1988, by all resident unincor- porated businesses, derived from sales made, work done, services performed or rendered and business or other activities conducted in the City of North Olmsted. (2) On the portion of the distributive share of the net profits earned on and after January 1, 1988, by a resident partner or owner of a resi- dent unincorporated business entity not attrib- utable to the City of North Olmsted and not levied against such unincorporated business entity by the City of North Olmsted. (d) (1) On the portion attributable to the City of North Olmsted of the net profits earned on and after January 1, 1988, by all nonresident unin- corporated businesses, derived from sales made, work done, services performed or rendered and business and other activities conducted in the City of North Olmsted, whether or not such unincorporated business entity has an office or place of business in the City of North Olmsted. (2) On the portion of the distributive share of the net profits earned on and after January 1, 1988, by a resident partner or owner of a non- resident unincorporated business entity not attributable to the City of North Olmsted and not levied against such unincorporated business entity by the City of North Olmsted. - 2 -