The funds collected under the provisions of this chapter shall be deposited in a special income tax fund and such funds shall, after deducting the 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, be disbursed in the following manner.
(A) As concerns the 1% income tax existing prior to January 1, 2000, and continuing thereafter and levied for the purpose described in § 33.012(A), all of the net available income tax receipts received annually from that tax shall be used for the purposes of the design and installation of storm sewers, street improvements and repairs, the acquisition of right-of-way for storm sewers and streets, debt retirement and capital improvements.
(B) As concerns the 1/2% income tax, effective January 1, 2000, and approved by a vote of the electors on May 4, 1999, and levied for the purposes described in § 33.012(B) and (C), one-half of the net available income tax receipts received annually from that tax shall be used for the purposes of parks and recreational programs for the village as described in § 33.012(B) and one-half of the net available income tax receipts received annually from that tax shall be used for the purposes of acquiring, constructing and otherwise improving village streets, sidewalks, sewers and other capital improvements as described in § 33.012(C).
(Ord. 1171, passed 5-26-1966; Am. Res. 1192, passed 11-28-1966; Am. Ord. 76-1, passed 1-5-1976; Am. Ord. 80-49, passed 8-18-1980; Am. Ord. 81-39, passed 9-21-1981; Am. Ord. 85-34, passed 8-5-1985; Am. Ord. 90-44, passed 7-16-1990; Am. Ord. 95-46, passed 6-19-1995; Am. Ord. 99-06, passed 5-24-1999; Am. Ord. 15-77, passed 12-21-2015; Am. Ord. 2019-04, passed 1-7-2019)