The funds collected under the provisions of this chapter shall be placed in the Income Tax Fund and shall be applied for the following purposes, and in the following order, to-wit:
(a) Such part thereof as shall be necessary to defray all cost of collecting the taxes levied by this chapter and the cost of administering and enforcing the provisions hereof.
(b) Such part thereof, to be determined later, as is necessary for the purpose of paying any refunds payable under this chapter.
(c) The balance of the funds so collected shall be used only for capital expenditures on road repairs, maintenance on City properties and other specific designated capital needs as approved by Council and for any and all expenses of the City.
(Ord. 01-2018. Passed 2-26-18.)