Beginning January 1, 1992, the prior years expenditures for the Income Tax Department shall be used as the amount to be credited to the General Fund in the current year prior to the income tax collections being allocated as follows:
(a) Council hereby authorizes the Director of Finance to credit income tax collection to the General Bond Retirement Fund in amounts sufficient to provide for debt payments for the Milford Parkway General Obligation Bonds. The funds shall be credited before payment is due each December for the December payment and payment due the following June. The final year of 2017 requires only enough funds be credited to cover the final December payment of the debt.
(Ord. 04-346. Passed 1-6-04.)
(b) 96% of funds collected pursuant to this chapter shall be allocated to the General Fund and 4% shall be allocated to the Capital Improvement Reserve Fund.
(Ord. 11-912. Passed 12-6-11.)