The funds collected under the provisions of this chapter shall be paid directly into the General Fund and the Capital Improvement Fund.
(a) Expense Purposes. The net proceeds of the income tax levied at the tax rate applicable at the time the tax is imposed shall be applied in conformance as follows: In each fiscal year the income tax money shall be split thirty percent of gross income tax proceeds for capital improvements and seventy percent 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. 2015-35. Passed 12-2-15.)