Disposition of funds derived from division provisions

All revenues received, collected and derived from the taxes levied and imposed by this division shall be deposited by the director of finance in a special fund account hereby created and designated as the "utility tax fund." Such revenues in such fund shall be appropriated and used first for the payment of the principal, interest and premiums of the bonds of the city to which such revenues are pledged or may be pledged in the future in the manner provided in the respective resolutions or ordinances of the city pertaining to such bonds. Any revenues collected in excess of the amounts required to pay such principal, interest and premium payments shall be appropriated and used solely and exclusively for the making of capital municipal improvements, including drainage systems, street, highway, traffic and safety improvements, public buildings, seawalls, docks, wharves, traffic lighting, playgrounds, parks, recreation centers and equipment therefor, including acquisition of sites, additions to and replacement of city equipment of all kinds and character, capital acquisitions, replacements, additions, improvements, construction, reconstruction, deferred maintenance and administrative and other expenses in connection with such projects, as set forth in the annual budget for the operation of the city, and such taxes and appropriations thereof shall be included from year to year in the annual budget for the operation of the city.

(Ord. No. 2000-345, § 1, 12-21-00)