All tax monies collected or segregated or required to be collected or segregated under this chapter by a seller or buyer are funds of the city and shall be held in trust for the city until remitted to the city. Interest earned on such funds while held in trust may be retained by the tax collector as compensation for its costs of administering the collection of the tax.
(Ord. 93-4, passed 12-8-92; Am. Ord. 00-02, passed 6-15-00)