The funds collected under the provisions of this chapter shall be deposited in the Income Tax Fund and such funds collected from the imposition date of the tax under this chapter shall be disbursed in the following manner:
(A) Such part thereof as is necessary to defray all cost of collecting the taxes and the cost of administering and enforcing the provisions thereof; and
(B) The balance of any monies collected shall be allocated as follows:
(1) Monies shall be allocated into specific funds consistent with the annual budget of the village as adopted by Council, as funds are collected, to the extent any specific budgeted fund still requires funding starting with 2012 tax monies; and
(2) No allocation of monies shall be made in violation of the law of the state.
(1997 Code, § 35.22) (Ord. 556-74, passed 12-9-1974; Ord. 817-90, passed 12-10-1990; Ord. 822-91, passed 3-11-1991; Ord. 981-01, passed 7-9-2001; Ord. 1130-08, passed 4-7-2008; Ord. 1141-08, passed 11-3-2008; Ord. 1150-09, passed 2-18-2009; Ord. 1158-09, passed 3-30-2009; Ord. 1236-11, passed 12-5-2011)