The funds collected under the provisions of this Chapter shall be deposited in the Income Tax Revenue Fund, and such Fund shall annually be disbursed for the following purposes and in the following order:
(a) Such part thereof as shall be necessary to defray all costs of collecting the taxes and the cost of administering and enforcing the provisions thereof.
(b) Such part of the balance of such funds as shall bear the same ratio to the total tax collected as two-tenths of one percent (0.2%) bears to the total rate of tax imposed by Section 181.02 shall be used for the construction, equipping, maintaining and staffing of fire station number three and fire station number four.
(c) Such part of the balance of such funds as shall bear the same ratio to the total tax collected as two-tenths of one percent (0.2%) bears to the total rate of tax imposed by Section 181.02 shall be used for the construction, reconstruction, resurfacing, maintenance and repair of City streets.
(d) Such part of the balance of such funds as shall bear the same ratio to the total tax collected as one-tenth of one percent (0.1%) bears to the total rate of tax imposed by Section 181.02 shall be used for capital improvements of the City, including the payment of principal of and interest on bonds and notes issued to finance such capital improvements.
(e) Such part of the balance of such funds as shall bear the same ratio to the total tax collected as two-tenths of one percent (0.2%) bears to the total rate of tax imposed by Section 181.02 shall be used for general municipal operations, maintenance, new equipment, extension, enlargement and improvement of municipal services and facilities of the City.
(f) The balance of the funds shall be used in accordance with appropriation ordinances adopted from time to time by Council.
(Ord. 147(04-05). Passed 2-17-05.)
(g)
Any portion of such balance which is not appropriated by Council, by December 31, 2009, shall be transferred to the General Fund.
(Ord. 329(08-09). Passed 12-29-09.)