(a) All funds collected under the provisions of this chapter shall be deposited in the Income Tax Fund and such Fund shall be distributed in the following order to wit:
(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 hereof.
(2) The net available income tax receipts (as hereinafter defined) associated with any specific purpose, as authorized by the voters, or otherwise, shall be used solely to meet the expenses associated with those specific purposes and the appurtenances thereto.
(3) Such part thereof as shall be necessary to pay:
A. The principal of and interest on the general obligation bonds of the City as the same shall become due and payable; and
B. The interest on the general obligation bond anticipated notes of the City as such interest shall become due and payable.
(4) Not more than eighty two and a half percent (82.5%) of the net available income tax receipts, excluding any income tax collected to a specific purpose, shall be used to defray General Fund expenses of the City.
(5) The remainder of the net available income tax receipts, excluding any income tax specifically collected for any non-capital improvement expenses, shall be used for capital improvements of the City, including, but not limited to, traffic control; maintenance and improvement of streets and sidewalks; new equipment for the Safety and Service Department; the payment of costs and expenses incurred in connection with the issuance of bonds or notes of the City which costs and expenses are not paid out of the proceeds from the sale of such bonds or notes; and the payment of the principal of general obligation bond anticipation notes of the City.
(b) As used in this section, net available income tax receipts means all funds collected under the provisions of this chapter less the costs of collecting such funds and the costs of administering and enforcing the provisions hereof.
(Ord. 210907-59. Passed 9-7-21.)