The funds collected under the provisions of this chapter shall be deposited in the Special Income Tax Fund and such funds shall be disbursed each calendar year in the following manner, to-wit:
(a) Such part thereof as shall be necessary to defray all costs of collecting the tax and the cost of administering and enforcing the provisions of this chapter.
(b) Four percent (4%) of net available income tax receipts received annually shall be used for waterworks improvement.
(c) Four percent (4%) of net available income tax receipts received annually shall be used for street and road improvements.
(d) Six percent (6%) of net available income tax receipts received annually shall be appropriated and set aside in the Master Capital Improvement Fund #402.
(e) Eighty-six percent (86%) of net available income tax receipts received annually shall be used for operation expenses of the City and/or specified capital improvements as determined by Council.
(Ord. 6-16. Passed 2-16-16.)