The funds collected under the provisions of Section 183.012 of this Ordinance shall be applied for the following purposes.
(A) Administration. Ordinance and the cost of administering and enforcing the provisions hereof shall be allocated to the Income Tax Administration Fund.
(B) Not more the fifty-five percent (55%) of the net available income tax receipts received annually may be used to defray operating expenses of the City.
(C) At least forty-five percent (45%) of the available income tax receipts received annually shall be set aside and used for capital improvements for the City including but not limited to, development and contractions of storm sewers and street improvements; for public buildings, parks, and playgrounds; and for equipment necessary for the police, fire, traffic and safety departments.
(Ord. 2018-16. Passed 2-20-18.)