(A) All money derived from the compensation taxes under the provisions of this chapter shall be paid to the city and placed to the credit of the city's General Revenue Fund; however, one-half of all funds collected as a compensation tax from businesses and organizations located or doing business within the boundaries of the Oldham Reserve Property (see Exhibit A-1, attached to the ordinance codified herein) shall be paid to Oldham County Fiscal Court in accordance with the Interlocal Cooperation Agreement.
(B) A minimum of 20% of net compensation taxes received by the city from Oldham Reserve businesses after the payment to Oldham County described in division (A) above shall be set aside in a reserve account for future infrastructure, utility, public works, and other economic development obligations under the Interlocal Cooperation Agreement; and
(C) Subject to divisions (A) and (B) above, the remainder of all funds collected as a compensation tax shall be used for the purposes of promoting economic development within the boundaries of the city, creating job opportunities for the citizens of the city, and accomplishing public projects, including completion of the Oldham Reserve infrastructure and utilities reasonably necessary for economic development and growth in accordance with the Interlocal Cooperation Agreement; for public works and capital projects to maintain, repair, and improve city streets, sidewalks, transportation, parking, drainage, internet access, and other public facilities; for public parks and recreation activities to promote the health, safety and welfare of the citizenry; and for public safety and protection of person and property of the citizens of the city.
(Ord. 8-2013, passed 8-5-2013; Ord. 14-2022, passed 12-5-2022)