The funds collected under the provisions of this chapter shall be deposited in the Income Tax Fund (B8) and such funds collected shall be disbursed in the following order:
(a) Such part thereof as shall be necessary to defray all costs of collecting the taxes and the cost of administering and enforcing the provisions thereof.
(b) Not more than eighty percent (80%) of the net available income tax receipts received in 2004 may be used to defray operating expenses of the Municipality.
(c) At least twenty percent (20%) of the net available income tax receipts received in 2004 shall be set aside and used for Capital Improvements for the Municipality including, but not limited to, development and construction of storm sewers and street improvements, for public buildings, parks and playgrounds, and for equipment necessary for the Police, Fire, Street, Traffic and Safety Departments.
(Ord. 3200. Passed 10-4-04.)