The funds collected under the provisions of this chapter shall be applied for the following purposes and in the following order:
(a) Seventy-five percent of the gross income tax receipts received annually shall be paid into the General Fund and used to pay all costs of collecting the taxes levied by this chapter and the cost of administering and enforcing the provisions of this chapter and to pay the operating expenses of Waterville.
(Ord. 11-04. Passed 10-11-04.)
(b) Twenty-five percent of the gross income tax receipts shall be paid into the 5 Year Operating Budget Capital Fund and shall be set aside and used for capital improvements for Waterville, including, but not limited to, development, maintenance, or construction of sanitary sewers, storm sewers, and street improvements; for public parks, buildings, land and playgrounds; and for equipment necessary for police, fire, public works, and other municipal departments and operations.
(Ord. 15-08. Passed 7-28-08.)
(Ord. 15-08. Passed 7-28-08.)
(c) Notwithstanding the provisions of subsections (a) and (b) hereof, for the entire calendar year 2009, eighty-five percent (85%) of the gross tax receipts received annually under the provisions of this chapter shall be paid into the General Fund for the purposes stated in subsection (a) hereof and fifteen percent (15%) of said receipts shall be paid into the 5 Year Operating Budget Capital Fund for the purposes stated in subsection (b) hereof.
(Ord. 06-09. Passed 3-23-09.)
(d) Notwithstanding the provisions of Section 171.14(a) and (b), for the entire calendar year 2010, eighty-two percent (82%) of the gross tax receipts received annually under the provisions of this chapter shall be paid into the General Fund for the purposes stated in Section 171.14(a) and eighteen percent (18%) of said receipts shall be paid into the 5 Year Operating Budget Capital Fund for the purposes stated in Section 171.14(b). (Ord. 36-09. Passed 3-8-10.)
(e) Notwithstanding the provisions of Section 171.14(a) and (b), for the entire calendar year 2011, seventy-eight percent (78%) of the gross tax receipts received annually under the provisions of this chapter shall be paid into the General Fund for the purposes stated in Section 171.14(a) and twenty-two percent (22%) of said receipts shall be paid into the 5 Year Operating Budget Capital Fund for the purposes stated in Section 171.14(b). (Ord. 34-10. Passed 1-10-11.)