9.45.020 Revenue Allocation and Award.
A. As soon as possible after the end of each fiscal quarter, the revenues from the tax will be deposited in the General Fund.
B. The revenues from the tax will be transferred to a special revenue fund. Following that transfer, the City may retain an amount not to exceed four percent as an administrative fee to recoup the expenses of the City incurred in complying with this section.
C. After deducting the administrative fee authorized under subsection (B) of this section and paying any refunds, the amounts in the special revenue fund will be used as follows:
1. At least 50 percent of the funds will be used for programs of the City related to housing.
2. The remaining funds will be used for support, services, and programs for people making up to 30 percent of area median income.
D. The City will conduct a request for proposals (RFP) or other comparable process prior to awarding funds to third parties. If the City uses its committee structure for the RFP or other comparable process, the involved committee(s) will make recommendations to the City Council on funding awards. [Ord. NS-2396, 2020]