(a) The funds collected under the provisions of this chapter shall be applied for the following purposes:
(1) Such part as is necessary to defray all costs of operation and administration of the Department of Taxation, including refunds of any taxes overpaid;
(2) At least forty percent of net available income tax receipts received annually which are attributable to the Base Tax, as defined in Section 197.03, shall be allocated to capital improvements, maintenance and repair;
(3) Not more than sixty percent of net available income tax receipts received annually which are attributable to the Base Tax, as defined in Section 197.03, shall be allocated in accordance with ordinances adopted and approved by Council;
(4) All of the net available income tax receipts received annually which are attributable to the Additional Tax, as defined in Section 197.03, shall be used solely for the payment of debt service on bonds, notes, loans or other obligations issued or incurred by the City before January 1, 2004, to provide for the payment of costs of capital improvements to the water system of the City and the fire station of the City and for the payment of debt service on bonds, notes, loans or other obligations issued or incurred by the City at any time in order to refund any of those bonds, notes, loans or other obligations;
(5) All of the net available income tax receipts received annually which are attributable to the Second Additional Tax, as defined in Section 197.03, shall be used solely for the hiring of additional personnel in the Police Department of the City.
(b) The funds collected from the one-quarter of one percent income tax levied under the provisions of this chapter, as approved by Ordinance 2918, passed October 20, 1986, shall be used for improvements to the central City sewerage system, and, upon completion of payment therefor, for other capital improvements within the City.
(Ord. 4773. Passed 11-15-99; Ord. 5000. Passed 2-4-03; Ord. 5218. Passed 5-8-07.)