The funds collected under the provisions of this chapter shall be deposited in the General Fund and said funds shall be disbursed in the following order, to-wit:
(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 hereof.
(B) Sixty per cent of net available tax receipts, exclusive of administrative costs, received annually, shall be used to defray other operating expenses of the municipality.
(C) At least 20% of net available income tax receipts received annually, exclusive of administrative costs, shall be set aside and used for capital improvements for the municipality.
(D) The remaining 20% of the net available income not expended in divisions (A), (B) and (C) shall be used for the retirement of any municipal indebtedness until there shall be no such indebtedness, at which time the percentage of net available income allocated for capital improvements and operating expenses shall be each increased ten per cent of all income derived from this chapter, exclusive of administrative costs.
(Ord. 806, passed 8-26-69)