Such percent of the gross proceeds of annual taxes collected under this chapter as would be generated by a one percent tax rate on the gross operating revenues taxed under this chapter shall, after each collection, be allocated 20 percent to the City street fund, such funds to be used for the purposes described in Chapter 3.130 PMC, and 80 percent to the street overlay fund, such funds to be used for overlaying or sealing of asphaltic concrete streets in the street overlay fund of the City. [Ord. 3717 § 2, 2005; Ord. 2454 § 1, 1983; Ord. 2300 § 7, 1981; Code 1970 § 5.32.070.]