The funds collected on or after January 1, 2015, under the provisions of Section 181.021 of this Ordinance shall be deposited and disbursed as follows:
(a) Eighty percent (80%) of the funds collected from this additional three-quarters (3/4) of one percent (1%) per annum income tax shall be used to defray operating expenses of the Village.
(b) Twenty percent (20%) of the funds collected from this additional three-quarters (3/4) of one percent (1%) per annum income tax shall be used to pay for the cost of capital improvements for the Village (including but not limited to development and construction of sewers and street improvements, parks, playgrounds and public buildings) and equipment necessary for the Police, Fire, Street, Traffic and Safety Departments. (Ord. 947. Passed 12-15-14.)