(A) The revenues collected under the provisions of this chapter shall be deposited in a special fund known as the Income Tax Revenue Fund and shall be used for the following purposes and in the following order, to-wit:
(1) First priority shall be given to the cost of collection and administration of the income tax which shall first be paid; and the remainder deposited as set forth herein: provided, however, that an unencumbered cash balance of $1,000.00 shall be maintained at the end of each month in order to have sufficient cash flow.
(2) Income tax revenues collected in excess of that identified in Subsection 181.013 (a)(1) and (2) shall be distributed as follows:
(i) Zero percent (0%) of the balance of the funds collected shall be deposited in a special fund to be known as "Capital Improvements Fund" to be used as may be determined by Council to meet expenses of Capital Improvements; including improvements to streets, water facilities, building, land acquisition and improvements.
(ii) Ninety percent (90%) of the balance of the funds collected shall be deposited in the "General Fund" to be used for the obligation of such fund.
(iii) Ten percent (10%) of the balance of the funds collected shall be deposited in the "M & R Fund" to be used as may be determined by Council.
(iv) Debt Service No. 4 zero percent (0%) (East Side Sewer) to pay debt service charges or note in bond payment on mortgage revenue and/or general obligation bonds or notes issued for capital projects.
(B) The purpose of this section is to maintain positive balances in the three mentioned funds.
(C) The above allocation shall be in effect starting April 1, 2018 and continue until the Council of the Village of Lordstown deems it necessary to change allocations based on the welfare of the Village. (Ord. 26-2018. Passed 5-7-18.)