The funds collected under the provisions of this Taxation Code shall be applied for the following purpose and in the following order, to wit:
(a) Such part thereof as shall be necessary to defray all costs of collecting the taxes levied by this Code and enforcing the provisions hereof;
(b) Such part thereof as Council may appropriate to the General Fund for the purpose of paying the cost of general governmental operations;
(c) Such part thereof as Council may appropriate for the purpose of paying the cost of maintenance of, and the purchase of new equipment, motorized or other;
(d) Such part thereof as Council may appropriate for the purpose of paying the cost of the acquisition, construction, repair and/or maintenance of streets and/or other permanent improvements; and
(e) In any event at least twenty percent (20.0%) of the proceeds collected on and after January 1, 2004, from the City Income Tax under the provisions of this Code shall be deposited in the Capital Improvements Fund for the purpose of acquiring, constructing or maintaining any capital improvement or for the purpose of paying the debt service of any capital improvements.
(Ord. 63-2003. Passed 11-17-03.)