181.014 ALLOCATION OF FUNDS.

   (A)   The funds collected under the provisions of this chapter shall be disbursed as

follows:

      (1)    All funds collected that are to be specifically dedicated, as provided in Sections 181.012 and 181.013 above, shall be allocated accordingly.

      (2)   In regard to all other funds collected, ninety-four percent (94%) shall be deposited in the "1100 General Fund" and six percent (6%) shall be deposited in the "1401 Income Tax Capital Improvements Fund" and shall be used for capital improvements to defray operating expenses of the City including such part thereof as shall be necessary to defray all costs of administering and enforcing the provisions thereof.

      (3)    Capital Improvements are all property, assets, machinery, equipment, or improvements which the City is authorized by law to acquire, construct and maintain, including plans and studies thereof with an estimated life or usefulness of five (5) years or more, including land and interests therein, and including reconstructions, enlargements and extension thereof having an estimated life or usefulness of five (5) years or more provided, however, that the purchase of motorized equipment for the various City departments and the resurfacing and resealing of public streets, including "Chip and Seal" method, shall be deemed Capital Improvement without regard to estimated life or usefulness.

         (Ord. 151-2020. Passed 1-19-21.)