The funds collected under the provisions of this 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 of the tax imposed by Section 181.03 as shall be necessary to defray all expense of collecting the tax and of administering and enforcing the provisions of this chapter shall be appropriated by Council for that purpose.
(b) That portion of the balance remaining after providing for the expenses referred to in subsection (a) hereof, which is attributable to the tax imposed by Section 181.03 shall be appropriated by Council for the following purposes:
(1) General Village operations.
(2) Street or highway improvements and equipment.
(3) Other capital improvements and equipment.
(4) Parks and recreation.
(5) Debt retirement.
(6) Lakewood Local School district.
(Ord. 1445-97. Passed 11-19-97.)