The funds collected under the provisions of this chapter shall be deposited in the General Fund and the fund shall be disbursed in the following manner:
(A) The part thereof as shall be necessary to defray all costs of collecting, administering, and enforcing the taxes shall first be used to replenish the General Fund, and the remaining sum shall be defined as the "net available income tax receipts";
(B) Eighty percent of the net available income tax receipts received annually shall be used to defray operating expenses of the village;
(C) Twenty percent of the net available income tax receipts received annually shall be deposited in the Capital Improvements Fund to be used for capital improvements in the village.
(Prior Code, § 38.09) (Ord. 8-70, passed 10-12-1970; Ord. 3-95, passed 5-8-1995; Ord. 20-00, passed 12-12-2000; Ord. 6-02, passed 9-16-2002; Ord. 2-05, passed 2-26-2005; Ord. 14-06, passed 12-11-2006; Ord. 2-13, passed 1- 14-2013; Ord. 8-13, passed 7-15-2013; Ord. 22- 06, passed 9-19-2022)