(A) The total income tax funds collected under the provisions of this chapter shall be held by the Director of Finance in a separate fund known as the “Income Tax Fund” and shall be deposited in a separate account, or accounts, in such bank or banks, as the Director in his or her sole discretion may decide.
(B) Relating to the first 1%, not less than 28% shall be used for the construction, operation and maintenance of streets, including the draining thereof. Not less than 21% shall be used for permanent improvements and operation of the Safety Department. Not less than 7% shall be used for permanent improvements and operation of city parks. Not more than 44% shall be used for General Fund purposes, other than those listed above, and for the purpose of paying the cost of collecting the tax levied by this chapter and the cost of administering and enforcing the provisions thereof.
(C) The funds collected under the provisions of this chapter relating to the next .75% levy in excess of 1% shall be used entirely for capital and operating needs of police, fire and public safety- related services.
(D) The funds collected under the provisions of this chapter relating to the remaining .25% levy shall be used entirely for the construction, reconstruction and resurfacing of streets and alleys, including the installation, maintenance and reconstruction of storm drainage lines, manholes and catch basins.
(Ord. 28-02, passed 12-16-02; Am. Ord. 1-11, passed 2-15-11; Am. Ord. 15-15, passed 12-15-15)