The funds collected under this chapter shall be disbursed in the following manner:
(a) First, the first one-half percent portion of the annual tax imposed by Section 183.22 shall be designated and expended exclusively as follows:
(1) Not less than sixty percent for capital improvements and/or for road and sewer maintenance and/or repair; and
(2) The balance for increase and maintenance of the police and fire personnel and for such other Municipal purposes as may be determined by Council.
(b) Second, the second one-half percent portion of the annual tax imposed by Section 183.22 shall be designated and expended exclusively as follows:
(1) Not less than twenty-five percent for capital improvements and/or for road and sewer maintenance and/or repair; and
(2) The balance remaining after payment of the foregoing for general Municipal purposes.
(c) The balance remaining after payment of the allocation referred to in subsections (a) and (b) hereof shall be deposited in the General Fund for general Municipal purposes.
(d) Any adjustments to the municipal income tax credit rate set forth in this section shall first be submitted to the electors of the City of Parma for approval.
(Ord. 120-81. Passed 6-29-81; Ord. 310-05. Passed 12-19-05; Ord. 52-06. Passed 2-13-06.)