The funds collected under this chapter shall be disbursed in the following manner:
(a) Such as necessary to defray all expenses of collecting the tax and of administering and enforcing this chapter shall be paid.
(b) For the year 2013 and thereafter the balance remaining after the payment of the expenses referred to in subsection (a) hereof shall be divided eighty percent (80%), ten percent (10%) and ten percent (10%) as follows:
(1) Eighty percent (80%) of such balance shall be deposited in the General Fund for municipal purposes;
(2) Ten percent (10%) of such balance shall be deposited into the Capital Improvement Fund; and
(3) Of the remaining ten percent (10%) of funds collected,
A. An amount up to the amount of principal and interest (“Bond Charges”) for the fiscal year on the City’s outstanding General Obligation (Limited Tax) Street Improvement Bonds, Series 2013, shall be deposited in the Bond Retirement Fund to be used to pay such Bond Charges, and
B. Any remaining funds not deposited in the Bond Retirement Fund pursuant to the preceding subpart A. of this section (b)(3) shall be deposited in the Streets/Infrastructure Improvement Fund and used for additional projects permitted to be funded from the Streets/Infrastructure Improvement Fund.
(Ord. 1985-41. Passed 3-26-85; Ord. 1994-82. Passed 9-27-94; Ord. 2002-108. Passed 12-10- 02; Ord. 2003-87. Passed 12-23-03; Ord. 2004-101. Passed 12-14-04; Ord. 2005-127. Passed 12-13-05; Ord. 2010-86. Passed 12-14-10; Ord. 2011-103. Passed 12-27-11; Ord. 2012-91. Passed 12-11-12; Ord. 2013-16. Passed 4-9-13.)