(a) The funds collected under the provisions of this chapter shall be allocated in such manner as prescribed by ordinance.
(b) All administrative costs shall be paid from funds collected under provisions of this chapter.
(c) Effective January 1, 1983, two percent (2%) of Municipal Income Tax revenues shall be credited to the Building and Lands Depreciation Reserve Fund annually and effective January 1, 1984, three percent (3%) of Municipal Income Tax revenues shall be credited to such fund annually and may be expended only by authorization of Council for the purchase, lease, maintenance, repair, renovation or construction of Municipal buildings and lands, excluding park lands.
(d) The balance of income tax funds collected under provisions of this chapter shall be annually allocated to the General Fund.
(Ord. 21-04. Passed 5-3-04.)