(a) The funds collected pursuant to the initial one percent (1%) tax provided for in Section 181.02 of the Codified Ordinances shall be deposited in the General Fund and said funds collected for the tax period of January 1, 1974 and thereafter, 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.
(2) The balance of the funds remaining in the General Fund shall be available for appropriation, as deemed necessary by the Council of the Village of New London, for any lawful Municipal purposes.
(b) The funds collected pursuant to the additional fifty hundredths of one percent (.50%) provided for in Section 181.02 of the Codified Ordinances shall be deposited in the General Fund and said funds collected for the tax period of January 1, 2011, through December 31, 2026, or any renewal thereof, shall be used to defray Police and Fire Department operating expenses only.
(Ord. 2022-14. Passed 5-9-22.)