185.05 USE OF FUNDS.

   (a)   The tax which is collected shall be kept in an account by the City known as the Marina Fund Number 40.

   (b)   The tax which is collected by the City under the authority of this chapter shall be used by the City only as follows:

      (1)   Eighty percent (80%) of such collected tax shall be used by the City through its Port Authority for improvements from the mouth of the Ashtabula River to the Ashtabula River's southerly boundary within the corporate limits of the City.

      (2)   Twenty percent (20%) of such collected tax shall be used by the City through its Port Authority for all other improvements to the real and personal property located within the jurisdiction of the Ashtabula Port Authority.

         (Ord. 11651. Passed 6-19-89.)