(A) During the period commencing January 1, 2016 until December 31, 2034, the funds collected under the provisions of this chapter shall be applied for the following purposes:
(1) General Fund for General Operating Expenses seventy percent (70%)
(2) Capital Improvements, Equipment, Maintenance and Enlargement of municipal services, twenty seven percent (27%)
(3) Park Fund; three percent (3%)
(B) On or after January 1, 2035, the funds collected under the provisions of this chapter shall be applied for the following purposes:
(1) Sixty-seven percent (67%) to the General Fund for General Operating expenses;
(2) Twenty-seven percent (27%) may be appropriated by ordinance passed by the Village Council for purposes of maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements;
(3) Three percent (3%) to the Park Fund; and
(4) Three percent (3%) to the Fire Department Fund.
(Ord. 15-36. Passed 12-7-15; Ord. 18-15. Passed 6-18-18.)