The funds collected under the provisions of Chapter 187 of the Codified Ordinances as it relates to the first 1% of the municipal income tax shall be applied for the following purposes and in the following order, to-wit:
(a) Such part thereof as shall be necessary to defray all costs and expenses of collecting the taxes levied by this chapter and costs of administering and enforcing the provisions hereof.
(b) The balance of the funds shall be allocated and transferred as follows:
(1) Seventy-two percent (72%) to the General Fund.
(2) Eighteen percent (18%) to the Street Construction, Maintenance and Repair Fund.
(3) Ten percent (10%) to the Capital Improvement Fund (Fund 308).
(c) The above allocation apportionment does not apply to the one-half percent (.5%) tax passed by voters as that levy was specifically designated for certain purposes.
(Ord. 2016-04. Passed 1-11-16.)