(a) The funds collected under the provisions of this chapter shall be deposited to the credit of the General Fund Income Tax Account. Such funds shall be disbursed in the following order annually:
(1) Such part thereof as is necessary to defray all costs of administering and enforcing the provisions of this chapter shall be disbursed first.
(2) The balance of funds collected shall be disbursed as follows:
A. Seventy-two percent for the General Fund;
B. Twenty percent for the Capital Improvement Fund; and
C. Eight percent for the Capital Replacement Fund.
(b) Moneys credited to the Funds referred to in paragraphs (a)(2)A. and B. hereof may, pursuant to authorization by Council, be used for the purpose of paying the interest and principal on notes and bonds which may lawfully be issued for such purposes.
(Ord. 94-58. Passed 11-22-94; Ord. 96-14. Passed 5-23-96; Ord. 2004-5. Passed 2-12-04; Ord. 2010-9. Passed 4-22-10; Ord. 2011-37. Passed 12-28-11.)
(
Editor's note: Revert to allocation of seventy percent/twenty percent/ten percent on January 1, 2013.)