(a) The funds collected under the provisions of this chapter shall be deposited in the General Fund and said funds shall be distributed in the following manner:
(1) First, such part therefore as shall be necessary to defray all expense of collecting the tax and of administering and enforcing the provisions of this chapter.
(2) Second, such part hereof as shall be necessary to defray the general operating expenses of the City, not to exceed 86% of the collections of Income Tax Revenue.
(3) Third, after the general operating expenses of the City have been satisfied, the remaining amount, not to exceed 14%, shall be deposited into the Capital Improvement Fund.
(b) Additional Tax of 0.25%. The funds collected under the additional City levy of 0.25% of income imposed by Section 890.03 shall be deposited in the special fund known as the Income Tax Revenue Fund and such funds shall be disbursed in the following manner:
(1) First, the sum necessary to defray the expenses of collecting the tax and of administering and enforcing the provisions of this chapter; and
(2) Second, the balance to be turned over and to become part of the General Revenue Fund of the City.
(Ord. 75-8. Passed 1-6-75.)
(c) Additional Tax of 0.5%. The funds collected under the additional City tax of 0.5% of income imposed by Section 890.03 shall be deposited in the Income Tax Revenue Fund and shall be disbursed in the following manner:
(1) First, the sum necessary to defray the expenses of collecting the tax and of administering and enforcing the provisions of this chapter; and
(2) Second, the balance to be turned over to the General Fund specifically dedicated to police and fire protection.
(d) Funds collected under a JEDZ levy on the 1.75% of income imposed by Section 890.03 shall be deposited into the relevant fund and manner required by any contract duly authorized by the City Council between the City and a JEDZ.
(e) Funds collected under a JEDD levy on the income imposed by Section 890.03 shall be deposited into the relevant fund and manner required by any contract duly authorized by the City Council between the City and a JEDD.
(Ord. 01-52. Passed 11-19-01; Ord. 02-2. Passed 1-7-02; Ord. 05-48. Passed 9-6-05; Ord. 08-39. Passed 12-1-08; Ord. 09-71. Passed 12-21-09; Ord. 10-5. Passed 3-1-10; Ord. 10-14. Passed 7-19-10; Ord. 14-43-A. Passed 12-15-14; Ord. 15-36. Passed 12-21-15; Ord. 16-51. Passed 12-27-16.)