The funds collected under the provisions of this chapter shall be applied for the following purposes:
(a) Administration. Such part thereof as shall be necessary to defray all costs of collecting all income taxes levied and the cost of administering and enforcing the provisions of this chapter including the cost of a legal program by Regional Income Tax Agency (R.I.T.A.), as the duly authorized agent of the Village of Milan, Ohio.
(b) General Fund. Eighty percent (80%) of the balance of net available income tax receipts after first deducting the administrative expenses described in subsection (a) hereof, shall be deposited in the General Fund and used for general operating expenses of the Village.
(c) Capital Improvement Funds. Twenty percent (20%) of the balance of net available income tax receipts after first deducting the administrative expenses described in subsection (a) hereof, shall be placed in a Capital Improvement Fund. Funds shall be disbursed from this fund only by ordinance passed by Council for capital improvements having a useful life of at least four years.
(Ord. 084-03-98. Passed 3-24-98.)