The funds collected under the provisions of this chapter shall be applied for the following purposes:
(A) To defray all costs of collecting the taxes levied by this chapter and the cost of administering and enforcing all such provisions.
(B) All funds collected by the City as a result of the increase in the rate of tax approved by the electors at the August 8, 1989, special election shall be set aside and used for capital improvements approved by Council or, at the discretion of Council, any part of all of such funds may be used for the payment of principal and of interest on debt incurred for capital improvement purposes, effective January 1, 1990.
(C) The balance remaining after providing for the allocations set forth in subsections (A) and (B) shall be used for any purpose that may be determined by ordinance of Council.
(Ord. 2015-069. Passed 12-7-15.)