164.03 ALLOCATION OF FUNDS.

   The funds collected under the provisions of this Chapter shall be paid into the Income Tax Fund and applied for the following purposes in the order of their priority.

   (a)   Such part thereof as shall be necessary to defray all costs of collecting, enforcing and administering the tax levied by this Chapter.

   (b)   (1)   For the payment of the City's share of the existing employees' retirement and pension systems supplementing the mandatory millage whenever and wherever necessary.

      (2)   Commencing July 1, 1996, at least twenty-nine and one-third percent (29 1/3%) of the net tax collected after subsection (a) has been met shall be transferred to the Capital Improvement Fund to be used for capital expenditures including the payment of debt service charges on bonds and notes issued to pay costs of those capital expenditures, but only for capital expenditures which have an estimated life or usefulness of five years or more; and at least eight percent of the net tax collected after subsection (a) has been met shall be transferred to the Recreation Levy Fund for capital expenditures for parks and recreation facilities including the payment of debt service charges on bonds and notes issued to pay costs of those capital expenditures.

      (3)   The balance of funds remaining after payment of the expenses referred to in subsection (a) and the above paragraphs (1) and (2) of this subsection (b) shall be transferred to the General Fund to be used for the general operations of the City of Cuyahoga Falls.

   (c)   Should the gross collection of this tax result in a reduction to paragraph (3) of subsection (b) over the year previous then paragraph (2) of subsection (b) may supplement paragraph (3) of subsection (b) to whatever extent possible or available as deemed feasible by Council.

      (Ord. 93-2015. Passed 11-23-15.)