(a) To the extent that the funds collected under the provisions of this chapter are derived from the imposition of the tax provided by Section 171.03 at the rate of one and one-half percent (1 ½%) those funds shall be allocated for the following purposes and in the following order:
(1) Such part thereof as shall be necessary to defray all costs and expenses of collecting the tax levied by this chapter and costs at the rate of administering and enforcing the provisions hereof.
(2) An amount equal to the gross funds that would have been collected if the tax imposed by Section 171.03 has been imposed at the rate of one-half percent (1/2%), and assuming for this purpose that no credit(s) were available against such tax pursuant to Section 171.14, shall be allocated exclusively for the purpose of paying costs of improving and extending the municipal sewerage system, including the payment of principal of, interest on and other charges in connection with obligations for money borrowed by the municipality to pay any such costs; and
(Ord. 2010-03. Passed 2-16-10.)
(3) The balance of the funds collected shall be allocated as follows:
A. Eighty percent (80%) to the General Fund to meet current expenses and other expenditures;
B. Ten percent (10%) to the Park Fund to meet current expenses and for other expenditures; and
C. Ten percent (10%) to the Capital Improvement Fund.
(Ord. 2015-29. Passed 1-18-16.)
(b) To the extent that the funds collected under the provisions of this chapter are derived from imposition of the tax provided by Section 171.03 at the rate of one percent (1%), those funds shall be allocated for the following purposes and in the following order:
(1) Such part thereof as shall be necessary to defray all costs and expenses of collecting the tax levied by this chapter and costs at the rate of administering and enforcing the provisions hereof.
(2) The balance of the funds collected shall be allocated as follows:
A. Ninety percent (90%) to the General Fund to meet current expenses and other expenditures;
B. Ten percent (10%) to the Park Fund to meet current expenses and for other expenditures; and
C. Zero percent (0%) to the Capital Improvement Fund.
(Ord. 2010-03. Passed 2-16-10.)