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71-075 Ordinance
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71-075 Ordinance
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1/10/2014 3:30:27 PM
Creation date
1/7/2014 8:35:44 AM
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North Olmsted Legislation
Legislation Number
71-075
Legislation Date
5/18/1971
Year
1971
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~ ~ <br /> <br /> <br />S. The term "Transaction" as used in the above formula <br />includes any activity related to the processing, auditing <br />and handling of forms or communications, the same to be <br />weighed by an experience factor. <br />VII. DISTRIBUTION OF MONEY <br />A. The Board of Trustees shall keep all monies collected <br />hereunder in the manner provided by law in a segregated and <br />separate bank account. They shall keep records showing the <br />amount of all income tax monies received by them together with <br />all increments, additions and investment interest thereto. The <br />Board of Trustees shall so far as practicable, invest all monies <br />received by them and the interest thereby received shall apply <br />to reduce the total cost of operation of the central collection <br />facility, <br />B. On or before the tenth business day after the end of <br />any given month, the Board of Trustees shall settle with the <br />participants for all monies collected by said Board on the parti- <br />cipants' behalf, so far as this money can be identified and <br />allocated to the proper participants together with any adjust- <br />ments thereof. In the event that the monies collected by the <br />Board of Trustees cannot be identified and therefore allocated, <br />said Board shall distribute to the participant said monies with <br />the next immediate monthly payment, after identification and <br />allocation can be .made. The Board of Trustees shall retain five <br />per cent (5%) of any tax monies distributed to the participant <br />to apply toward each participant's respective share of the cost <br />of the operation of the Municipal Tax Collection Agency, The Board <br />of Trustees shall have the authority to amend or adjust the <br />withholding percentage to reflect any changes in the cost of the <br />administration of the facility as revealed by the annual audit. <br />Disbursements shall be made to all participants at the same time <br />and at the same percentage. <br />f <br />- 6 - <br />
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