(A) All funds collected under this subchapter shall be deposited in the Income Tax Fund for the village to be transferred out of the Income Tax Fund for emergency services, for debt reduction (loans, notes and/or bonds), and for parks and recreation as deemed necessary by the Council, in accordance with the following percentages:
(1) Emergency services: 25%;
(2) Debt reduction/capital improvements: 55%; and
(3) Parks and recreation: 5%.
(B) The remainder of said funds, 15% of the funds collected under this subchapter, shall remain in the Income Tax Fund until Council determines how the same shall be disbursed, transferred and/or expended through the village’s General Fund.
(Ord. 1507-15, passed 11-2-2015; Ord. 1540-17, passed 2-5-2018)