(A) The first one percent (1%) of the funds collected under the provisions of this chapter shall be credited in the following manner:
(1) Such part thereof as shall be necessary to defray all the costs of collecting the tax and the cost of administering and enforcing the provisions thereof.
(2) (a) Not more than fifty-two percent (52%) of the net available income tax receipts shall be placed in the General Fund and used to defray operating expenses in and of the City.
(b) A provision shall be made for a sufficient amount of income tax receipts to be deposited into the Bond Retirement-Income Tax Fund to retire the debt service associated with the issuance of bonds for the construction of a maintenance building for the street department, the water department and the wastewater department. At such time the bonds have been fully retired, this provision shall be repealed, and the receipts shall be credited to the General Fund.
(3) At least nineteen and one-half percent (19.5%) of the net available income tax receipts shall be set aside for capital improvements of the City, including, but not limited to, development and construction of sewers; to provide for improvement and maintenance of public buildings; for equipment necessary for police, fire, street, and service departments; and to provide for parks and playgrounds.
(4) At least three percent (3%) of the net available income tax receipts shall be set aside for street construction, maintenance and repair funds.
(5) At least one percent (1%) of the net available income tax receipts shall be set aside for the police pension fund.
(6) At least one percent (1%) of the net available income tax receipts shall be set aside for the fire pension fund.
(7) At least four percent (4%) of the net available income tax receipts shall be set aside for the cemetery fund.
(8) At least nineteen and one-half percent (19.5%) of the net available income tax receipts shall be set aside for the roads and bridges fund.
(B) An additional one-half percent (1/2%) of the funds collected under the provisions of this chapter shall be deposited in the Municipal Income Tax ½% (Voted) Fund and shall be disbursed for current expenses for the departments of fire and police.
(C) An additional one-half percent (1/2%) of the funds collected under the provisions of this chapter shall be deposited in the Municipal Income Tax ½% (Voted #2) Fund and shall be disbursed for expenses of the police and fire departments and capital improvements.
(Ord. 2021-31. Passed 8-9-21.)