The funds collected under this chapter shall be disbursed as provided in this section.
(a) The first 0.5% portion of the annual tax imposed by this chapter shall be designated and expended exclusively as follows:
(1) Not less than 60% 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) The second 0.5% portion of the annual tax imposed by this chapter shall be designated and expended exclusively as follows:
(1) Not less than 25% 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 City's 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. 216-15. Passed 10-5-15.)