The funds collected under the provisions of this chapter shall be deposited in the General Fund, the Capital Improvement Fund and the General Obligation Bond Retirement Fund in accordance with the following as of January 1, 2023:
(A) Each year, there shall first be deposited in the General Fund an amount for administrative costs which shall be equal to the total appropriated by Council in the annual appropriation ordinance for the Department of Taxation less the difference between the amount appropriated for the Department of Taxation for the previous year and the actual amount expended for the Department of Taxation for the previous year.
(B) The amount of tax receipts collected under this chapter less administrative costs as determined under division (A) of this section shall be the "net available tax receipts".
(C) Fifty-four percent of the net available tax receipts shall also be deposited in the General Fund.
(D) Forty-one percent of the net available tax receipts shall be deposited in the Capital Improvement Fund.
(E) The remaining 5% of the net available tax receipts shall be deposited in the General Obligation Bond Retirement Fund, until there shall be no general obligation bond indebtedness at which time the percentages of net available tax receipts which shall be deposited in the General Fund and the Capital Improvement Fund shall each be 50% respectively.
(Ord. 2015-112, passed 11-10-15; Am. Ord. 2016-079, passed 8-23-16; Am. Ord. 2017-078, passed 8-23-16; Am. Ord. 2020-002, passed 1-28-20; Am. Ord. 2022-131, passed 11-15-22)