The funds collected under the provisions of this chapter shall be deposited in a special fund known as "Income Tax Fund" and such funds shall be disbursed in the following manner:
(a) Such part thereof as shall be necessary to defray all costs of collecting the taxes and the cost of administering and enforcing the provisions thereof.
(b) Not more than sixty-five percent (65%) of the net available income tax receipts received annually shall be deposited in the General Fund to defray operating expenses of the Municipality.
(c) Not more than fifteen percent (15%) of the net available income tax receipts received annually shall be deposited in the Capital Improvements for the Municipality.
(d) At least twenty percent (20%) of net available income tax receipts received annually shall be deposited in the Street Maintenance and Repair Fund to be used for fund purposes.
(Ord. 37-06. Passed 12-12-06.)