(a) There is created an Income Tax Revenue Fund into which all revenue from the tax levied upon income under Ordinance 35-66 shall be placed, with all distributions from such Income Tax Revenue Fund to be made by the City Auditor upon direction of Council by ordinance or resolution.
(b) There is created an Income Tax Capital Improvement Fund into which Council may, from time to time, by ordinance or resolution, transfer funds from the Income Tax Revenue Fund, for the purpose of assuring that adequate funds are on hand for the necessary capital improvements of the City, with all distribution from such Income Tax Capital Improvement Fund to be made by the City Auditor upon direction of Council by ordinance or resolution.
(Ord. 45-66. Passed 9-6-66. )