The funds collected under the provisions of this chapter shall be paid into the General Fund of the Municipality. Forty percent (40%) of the net tax collected after providing for the payment of all costs of installation, collecting, enforcing and administering the tax levied by Codified Ordinance Chapter 195 shall be transferred to the Capital Improvements Fund and subsequently to other funds or sub-funds, including the Street Construction Fund, to be used for existing and future capital projects and/or expansion or for debt service for existing and future capital improvements, or for equipment or other expenditures for purposes approved by City Council, but only for expenses related to capital improvements which have an estimated life or usefulness of five years or more, as defined by the Ohio Public Securities Law or as City Council may approve.
(Ord. 2001-231. Passed 12-13-01.)