(A) Authorization. A division is hereby created within the office of the Fiscal Officer of the village, hereafter referred to as the Department of Taxation. The Fiscal Officer shall appoint an Income Tax Administrator. The Income Tax Administrator shall be charged with the administration and operation of the Department of Taxation and this subchapter, under the direction of the Fiscal Officer.
(B) Allocation of income tax funds. The funds collected under § 35.128 above shall be temporarily deposited 86% to the Income Tax Fund and 14% to the Street Funds until $6,500 is collected and applied to the Income Tax Fund after which the Fiscal Officer shall regularly allocate and disburse the total amount of the net available income tax receipts received as follows:
(1) Seventy-six percent shall be placed in the General Fund.
(2) Fourteen percent shall be placed in the Street Fund.
(3) Ten percent shall be placed in the Income Tax Fund.
(Ord. 33-01, Art. 8, passed 12-3-2001: Ord. 08-02, passed 2-18-2002; Ord. 04-03, passed 3-17-2003; Ord. 44-07, passed 12-17-2007; Ord. 03-08, passed 1-7-2008; Ord. 29-08, passed 9-2-2008; Ord. 08-51, passed 12-29-2008; Ord. 09-43, passed 10-19-2009)