71-075 Ordinance - Laserfiche WebLink

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~ ~ S. The term "Transaction" as used in the above formula includes any activity related to the processing, auditing and handling of forms or communications, the same to be weighed by an experience factor. VII. DISTRIBUTION OF MONEY A. The Board of Trustees shall keep all monies collected hereunder in the manner provided by law in a segregated and separate bank account. They shall keep records showing the amount of all income tax monies received by them together with all increments, additions and investment interest thereto. The Board of Trustees shall so far as practicable, invest all monies received by them and the interest thereby received shall apply to reduce the total cost of operation of the central collection facility, B. On or before the tenth business day after the end of any given month, the Board of Trustees shall settle with the participants for all monies collected by said Board on the parti- cipants' behalf, so far as this money can be identified and allocated to the proper participants together with any adjust- ments thereof. In the event that the monies collected by the Board of Trustees cannot be identified and therefore allocated, said Board shall distribute to the participant said monies with the next immediate monthly payment, after identification and allocation can be .made. The Board of Trustees shall retain five per cent (5%) of any tax monies distributed to the participant to apply toward each participant's respective share of the cost of the operation of the Municipal Tax Collection Agency, The Board of Trustees shall have the authority to amend or adjust the withholding percentage to reflect any changes in the cost of the administration of the facility as revealed by the annual audit. Disbursements shall be made to all participants at the same time and at the same percentage. f - 6 -