181.13 ALLOCATION OF FUNDS.

   The funds collected under the provisions of this chapter shall be paid into the Income Tax fund and applied to the following purposes:

   (a)   Administration. Such part thereof as is necessary to defray all costs of collecting the tax levied by this chapter and the cost of administering and enforcing the provisions hereof shall be first allocated to the Income Tax Administration Fund.

   (b)   Other Purposes. The net proceeds of the income tax levied at the rate of two percent (2%) or the applicable rate at the time the tax is imposed pursuant to Section 181.03 remaining after meeting the expenses provided in subsection (a) hereof shall be applied in conformance with such Section 181.03. In each fiscal year, fifty percent (50%) of all net income tax proceeds, after meeting the expenses as provided in subsection (a) hereof, shall be allocated to current operating expenses, eight and one-half percent (8 ½%) to general improvements, twelve and one-half percent (12-1/2%) to park and recreation, capital improvements, maintenance and operating expenses, twenty-nine percent (29%) to police, fire and service department operating expenses. Sums going to capital improvements shall include the payment of principal and interest on general indebtedness incurred for such capital improvements or as otherwise provided by the Code.

      (Ord. 18-2005. Passed 3-24-05.)