(A) Effective July 1, 2019, 2% of the funds derived from the income tax collected under the provisions of this section, shall be deposited in the General Fund and said funds collected for duration of this section, shall be disbursed in the following order, to-wit:
(1) 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. All remaining net available income tax receipts received annually shall be used to defray operation expenses of the municipality, capital development and construction of storm sewers and street improvements, for public buildings, for equipment necessary for the police, fire, street, traffic and safety departments, and for parks, playgrounds and other recreational activities, based on priorities as determined by Council.
(B) Funds derived from the remaining ½% of the 2.5% income tax collected shall be used solely for infrastructure improvement purposes of the municipality and accordingly, such funds collected under the provisions of this section shall be deposited in to the Water/Sewer Main Project Fund and shall be set aside for such infrastructure improvement purposes of the municipality.
(Ord. 2018-6, passed 1-17-18; Am. Res. 2019-5, passed 1-2-19; Am. Ord. 2019-43, passed 6-5-19)