The funds collected under the provisions of this chapter shall be applied for the following purposes:
(A) Such part as necessary to defray all costs of operation and administration of the Municipality, including any refunds of any taxes overpaid;
(B) The balance shall be allocated in accordance with ordinances adopted and approved by Council. It shall be deposited in the general fund and the funds collected shall be disbursed to defray all costs of collecting the taxes and the cost of administering and enforcing the provisions thereof; and the net available income tax receipts received annually shall be used to defray operating expenses of the Municipality or to pay for capital improvements.
(Ord. 15-27, passed 12-28-2015)