The funds collected under the provisions of this chapter shall be disbursed in the following manner:
(a) First, such part thereof as is necessary to defray all expenses of collecting the tax and of administering and enforcing the provisions of this chapter shall be paid. (Ord. 1971-19. Passed 11-22-71.)
(b) The balance remaining after payment of the expenses referred to in subsection (a) hereof shall remain in the Income Tax Fund and thereafter to be transferred to the various funds of the Village for municipal purposes upon the direction and approval of Council. (Ord. 1983-14. Passed 3-14-83.)