All income tax receipts and other funds collected pursuant to the provisions of this Chapter and any other applicable law shall be allocated and disbursed as follows:
(A) 75% shall be placed in the General Fund to be used for any lawful purposes.
(B) 16.7% shall be set aside and used in the Capital Outlay Fund.
(C) 8.3% shall be used to pay for the cost of the improvement, upgrade, extension and/or replacement of the Village of Edon's water and sewer systems or other capital improvements. (Ord. 09-18. Passed 11-19-18.)