183.013 ALLOCATION OF FUNDS.

   (a)   The Municipal income tax funds provided under this Chapter shall be deposited in special funds known as "Income Tax Fund" and "Swimming Pool Fund", and such funds shall be

allocated among the purposes set forth in Section 183.012(A) and at the tax rates set forth in Section 183.012 (B) as follows:

      (1)    Such part thereof as shall be necessary to defray all costs of collecting the taxes and cost of administering and enforcing the provisions of this chapter.

      (2)    Not more than seventy percent (70%) of the net available income tax receipts received annually shall be deposited in the General Fund to defray operating expenses of the Municipality.

      (3)    Not more than ten percent (10%) of net available income tax receipts received annually shall be deposited in the Capital Improvements Fund for the Municipality.

      (4)    At least twenty percent (20%) of the net available income tax receipts received annually shall be deposited in the Street Maintenance and Repair Fund to be used for fund purposes.

         (Ord. 16-17. Passed 6-13-17.)