The funds collected under the provisions of this chapter shall be disbursed in the following manner:
(a) First, such part of the funds as is necessary to defray all expenses of collecting the tax and of administering and enforcing the provisions of this chapter shall be paid.
(b) After payment of the expenses referred to in subsection (a) hereof, one hundred percent (100%) of the proceeds of the one and one-quarter percent (1.25%) income tax levy shall provide funds for the purpose of Section 173.0101. Until December 31, 2005, one hundred percent (100%) of the proceeds from the one-quarter percent (.25%) income tax levy shall be deposited in a special fund to be used primarily to pay the costs of the resurfacing and rehabilitation of City streets as determined by the City Engineer, the balance remaining in the special fund may be used for motor vehicle and equipment acquisitions, and to pay principal of and interest on general obligation bonds and bond anticipation notes issued by the City `to pay the costs of permanent improvements. One hundred percent (100%) of the proceeds of the one-half percent (.50%) income tax levy shall provide funds for the purpose of Section 173.0102.
(c) Funds reserved for the streets purposes as set forth in subsection (b) hereof shall not include any cost associated with or attributable to the compensation, salary, wages, benefits and all other terms, conditions and privileges of employment of any municipal employee.
(Ord. 04-54. Passed 3-21-05.)
DUTIES AND AUTHORITY OF DIRECTOR OF FINANCE