The funds collected under the provisions of the within chapter shall be deposited in a special fund known as the Income Tax Revenue Fund, and such funds shall be disbursed in the following manner.
(A) First, such part thereof as shall be necessary to defray all expense of collecting the tax and of administering and enforcing the provisions of this chapter shall be paid.
(B) Second, a minimum of 10% of the net income tax revenues shall be allocated and assigned to parks and recreation.
(C) Third, such part of the balance thereof as shall be necessary to defray all expenses of the General Fund shall be allocated and assigned to such Fund.
(Prior Code, § 880A.14) (Ord. 92-11, passed 7-1-1991)