The funds collected under the provisions of this Chapter shall be deposited in the following order:
(a) For each Fiscal Year of the City, unless otherwise modified by ordinance, the first eighty-eight and three quarters percent (88.75%) of the City Income Tax collected shall be appropriated and transferred to the General Fund, to be used for the purposes for which that Fund was created and consistent with Section 191.01.
(b) For each Fiscal Year of the City, unless otherwise modified by ordinance, the next five percent (5.0%) of the City Income Tax collected shall be appropriated and transferred to the Capital Improvement Fund, to be used for the purposes for which that Fund was created and consistent with Section 191.01.
(c) For each Fiscal Year of the City, unless otherwise modified by ordinance, the next six and one quarter percent (6.25%) of the City Income Tax collected shall be appropriated and transferred to the Debt Service Fund, to be used for the retirement of the debt of the City and consistent with Section 191.01.
(d) The costs and expenses incurred in the collection, administration and enforcement of the aforementioned funds shall be initially paid from the General Fund and, thereafter, the General Fund shall be reimbursed from the respective funds for which the costs were incurred.
(Ord. 14-089. Passed 12-8-14.)