(A) The funds collected under the provisions of this chapter shall be deposited in the General Fund Income Tax Account.
(B) Such funds shall be disbursed in the following order annually:
(1) Such part thereof as shall be necessary to defray all costs of collecting the taxes and the costs of administering and enforcing the provisions thereof;
(2) The balance of funds collected into the Income Tax Fund will distribute the annual appropriated funds as follows: 60% to the General Fund; 40% to the Permanent Improvement Fund, with a special designation of $25,000 to the Sewer Capital Improvement; and $25,000 to the Water Capital Improvement Fund; and
(3) Moneys credited to such funds may, pursuant to authorization by Council, be used for the purpose of paying interest and principal on the notes and bonds which may lawfully be used for such purpose.
(Ord. 1543, passed 12-15-2015)