The funds collected under the provisions of this chapter shall be paid directly into the General Fund and the Capital Improvement Fund.
(a) Administration. Such part thereof as is necessary to defray all costs of collecting the tax levied by this chapter and the cost of administering and enforcing the provisions hereof shall be first allocated to the Income Tax Administration Fund.
(b) Other Purposes. The net proceeds of the income tax levied at the rate of 1-1/2% or the applicable rate at the time the tax is imposed remaining after meeting the expenses as provided in subsection (a) shall be applied in conformance as follows: In each fiscal year the income tax money shall be split 10% of gross income tax proceeds for Capital Improvements and 90% of gross income tax proceeds for General Fund, which shall include the payment of principal and of interest on general indebtedness incurred for capital improvements.
(Ord. 88-27. Passed 12-20-88; Ord. 2010-9. Passed 5-4-10; Ord. 2011-43. Passed 12-7-11; Ord. 2014-46. passed 11-5-14.)