(a) The funds collected under the provisions of this Chapter shall be paid into the General Fund of this municipality and applied for the following purposes:
(1) At least ten percent (10%) of the gross funds collected each year shall be appropriated to Capital Improvements, including storm sewers, street paving, including curbs and gutters, sidewalks, street and road surfacing and resurfacing, development of public water supply and location of source thereof, and for the acquisition of lands and buildings, including the construction thereof, park and recreation program for the acquisition, maintenance, development and improvement of the Parks and Recreation facilities and programs of the City for the use of the residents of the City of Tallmadge, including equipment, furniture and fixtures having an estimated life or usefulness of five years or more as defined by Ohio Uniform Bond Law. Expenditures for such capital improvements may include the necessary costs of engineering and other costs of the City, including the payment of principal and interest on debt issued on capital projects.
(2) Any remaining money shall be used for the General Operation of the City, including all department, commission, and board functions and for the costs of implementing, collecting, and enforcing the tax levied by this Chapter. (Ord. 13-2007. Passed 1-25-07.)