The funds collected under this chapter shall be disbursed in the following manner:
(a) First, such part thereof as is necessary to defray all expenses of collecting the tax and of administering and enforcing this chapter shall be paid.
(Ord. 1980-54. Passed 4-2-80.)
(b) The balance remaining after payment of expenses referred to in subsection (a) hereof shall be deposited in the General Fund for Municipal purposes, and thereafter, by July 1 of each calendar year, shall be transferred to the following funds:
(1) Five percent of net income tax collection into the Road Resurfacing and Improvement Fund;
(2) One percent of net income tax collection into the Building Improvement Fund;
(3) Two percent of net income tax collection into the Capital Equipment Reserve Fund; and
(4) Two percent of net income tax collection into the Matching Fund reserve.
(Ord. 1990-55. Passed 7-11-90).