The funds collected under this chapter shall be deposited in the Income Tax Fund and such moneys collected or on deposit from and after January 1, 2008, shall be disbursed in the following order:
(A) Such part thereof as is necessary to defray all costs of collecting taxes, of administering and enforcing this chapter and to maintain a $10,000 month end balance.
(B) For the Village General Fund, 100%, after deduction of costs set forth in division (A) hereof.
(C) For capital improvements, 50%, including but not limited to development and construction of water, sewer and street improvements; for public buildings, parks and playgrounds, and for equipment necessary for all village departments, after deduction of costs set forth in division (A) hereof.
(D) Transfer of funds from the Income Tax Fund shall be done, less all costs of collecting, administering and enforcing the village income tax as the Village Fiscal Officer determines to be necessary and appropriate.
(Ord. 31-2007, passed 12-18-07; Am. Ord. 20-2011, passed 9-13-11; Am. Ord. 25-2011, passed 11-22-11)