The funds collected under provisions of this chapter shall be applied to the following
purposes:
(a) Such part thereof as necessary to defray all costs of collecting the taxes levied by this chapter and the costs of administering and enforcing the provisions thereof.
(b) After allowing for such costs of collection, administration and enforcement, a sum equal to the amount of taxes collected at a rate of one and one-half percent (1 ½ %) per year shall, unless otherwise directed by Council, for the calendar year 2011, be allocated eighty-five percent (85%) to the General Fund for general operating expenses and fifteen percent (15%), as may be appropriated by ordinance passed by Council, for purposes of maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements, including the payment of debt service charges on notes and bonds issued for such purposes, and all transfers of income tax monies to these funds made after January 1, 2011, and prior to the effective date of this provision, shall be adjusted in accordance with the above specified percentages.
Commencing January 1, 2012, after allowing for such costs of collection, administration and enforcement, a sum equal to the amount of taxes collected at a rate of one and one-half percent (1 ½ %) per year shall, unless otherwise directed by Council, be allocated eighty percent (80%) to the General Fund for general operating expenses and twenty percent (20%), as may be appropriated by ordinance passed by Council, for purposes of maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements, including the payment of debt service charges on notes and bonds issued for such purposes. (Ord. 01-11. Passed 2-8-11.)