The funds collected under the provisions of this chapter shall be allocated in the following order:
(a) One hundred percent (100%) of the net available income tax receipts received annually shall be deposited into the General Fund of the City to defray operating expenses of the City.
(b) Council may, from time to time, authorize and approve expenditures from said General Fund tax receipts, for capital expenditures, including but not limited to, capital improvement projects and improvements, public buildings, parks and playgrounds, and the purchase of vehicles and equipment for municipal departments and operations. (Ord. 1845-12. Passed 12-13-12.)