All funds collected through the income tax shall be receipted into the Municipality's General Fund. The Finance Director shall cause 28% (twenty-eight percent) of all income tax funds collected to be transferred from the Municipality's General Fund to the Municipality's Capital Improvement Fund and Debt Service Fund on a regular basis. The Debt Service Fund will be funded first up to the amount necessary to fulfill the current year debt obligations. The remaining funds from the 28% allocation will be funded to the Capital Improvements Fund.
(Ord. 20-2015. Passed 11-3-15.)