Unless otherwise provided by Village Council, the funds collected under the provisions of this chapter shall be deposited into the Village's General Fund.
The funds received from the Village of Walton Hills - Sagamore Hills Township Joint Economic Development District shall be deposited into the Village of Walton Hills - Sagamore Hills Township Joint Economic Development District Agency Fund (JEDD). Funds received from the JEDD shall be further allocated and transferred as follows:
(a) 3.0% of the funds will be transferred into the General Fund to defray all expenses of collecting the JEDD tax and of administering and enforcing the provisions hereof;
(b) 48.5% of the gross proceeds will be transferred into the Village's General Fund; and
(c) 48.5% of the net proceeds will be remitted to Sagamore Township.
(Ord. 2015-6. Passed 11-17-15.)