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3.01.080 Receipts-Disposition

The moneys received by the Finance Director from the tax imposed and collected pursuant to this chapter shall be deposited in the general fund of the city. One-half cent of every dollar of such moneys shall be applied as follows:
A. To the next maturing payment of the principal of, premium, if any, and interest on the city's outstanding general obligation bonds; and
B. To the extent currently available after application to such purpose, to defray directly the cost of capital improvements of the city and the operation and maintenance of such capital improvements. (Ord. O-85-137 § 1 (part), 1985).