(a) All funds collected under the Uniform Rate of 1% as provided by Chapter 718 of the Revised Code shall be deposited in a Special Income Tax fund and said funds shall be disbursed for the period from January 1, 2001 and for an indeterminate period of time thereafter, in the following order, to-wit:
(1) Such part thereof as shall be necessary to defray cost of collecting the tax and the cost of administering and enforcing the provisions thereof.
(2) The balance of net available income tax receipts shall be used, as Council shall determine, to defray the operating expenses of the City, and set aside for capital improvements of the City, including, but not limited to, development and construction of sewers; to provide for improvement and maintenance of streets; to provide for construction and maintenance of public buildings; for equipment necessary for the Police, Fire, Street and Service Departments; and to provide for parks and playgrounds.
(b) All funds collected at a rate in excess of one percent (1%) approved by a majority of the electors of the City shall be deposited in the appropriate fund as designated by the Ordinance authorizing the collection of said funds.
(Ord. 50-2012. Passed 12-18-12.)