The funds collected under the provisions of this chapter shall be deposited in the special Income Tax Fund and said funds shall be disbursed at the end of each month in the following manner, to wit:

(a) Such part thereof as shall be necessary to defray all costs of collecting the tax and the cost of administering and enforcing the provisions of this chapter.

(b) Four percent (4%) of net available income tax receipts received annually shall be used for the Recreation Fund;

(c) Twenty-six percent (26%) of net available income tax receipts received annually shall be used for the Street Fund;

(d) Five percent (5%) of net available income tax receipts received annually shall be used for the Capital Improvement Fund;

(e) Sixty-five percent (65%) of net available income tax receipts received annually shall be used for the General Fund.

(Ord. 25-03. Passed 10-20-03.)