The funds collected under the provisions of this chapter shall be applied for the following purposes and in the following order of priority.
(A) Such part thereof as shall be necessary to defray all costs of collecting the taxes levied by this chapter and the cost of administering and enforcing the provisions hereof.
(B) The balance shall be dispersed as follows.
(1) One percent of the funds collected shall be earmarked and paid into an income tax rebate fund which fund shall not exceed $1,000 in amount at any time, provided, that when the maximum amount is reached then no earmarking of funds for such purposes shall be required except to maintain the fund at the maximum level.
(2) The balance of all funds shall be used for purposes of general municipal operations, maintenance, new equipment, extension and enlargement of municipal services and facilities, and capital improvements of this municipality, including but not limited to street and sewer construction improvement, maintenance and repair; construction, remodeling or enlargement of public buildings and facilities; purchase and maintenance of new and additional equipment for the different departments, boards, and offices of the village; capital improvements for recreation and park, and for retirement of notes and bonded indebtedness of the municipality. It is provided that no withdrawal from the balance of funds can be made without resolution by and from the council of the village, authorizing such withdrawal. (Ord. 1202, passed 8-15-77)