The funds collected under the provisions of this chapter shall be disbursed in the following manner:
(a) First, such part thereof as shall be necessary to defray all expenses of collecting the tax and of administering and enforcing the provisions of this chapter shall be paid.
(b) Second, the amount produced by the three-eighths percent (3/8%) increase in the income tax for the purpose of providing funds to pay costs of constructing, improving and repairing streets, roads and highways, storm sewers, storm water retention basins and other drainage facilities and water lines and principal of and interest on bonds and notes issued for any of those purposes, first approved by the electors on May 4, 1993, and renewed by the electors on November 7, 2006, shall be placed in a special fund or funds and used only for those purposes.
(c) Third, the amount produced by the one-eighth percent (1/8%) increase in the income tax for the purpose of providing funds to pay costs of constructing, operating and maintaining the new Recreation Center and parks and other recreational facilities and principal of and interest on bonds and notes issued for any of those purposes, approved by the electors on November 7, 1995, shall be placed in a special fund or funds and used only for those purposes.
(d) The balance remaining after payment of the expenses referred to in subsection (a) hereof and the allocation provided for in subsections (b) and (c) hereof shall be deposited in the General Fund for municipal purposes.
(Ord. 2006-72. Approved by voters 11-7-06.)