1. All sales taxes collected by the director of revenue under this section and section 644.032 on behalf of any municipality or county, less one percent for cost of collection which shall be deposited in the state‘s general revenue fund after payment of premiums for surety bonds as provided in section 32.087, shall be deposited in a special trust fund, which is hereby created, to be known as the “Local Parks and Storm Water Control Sales Tax Trust Fund”. The moneys in the local parks and storm water control sales tax trust fund shall not be deemed to be state funds and shall not be commingled with any funds of the state. The director of revenue shall keep accurate records of the amount of money in the trust ^* which was collected in each municipality or county imposing a sales tax under this section and section 644.032, ^* the records shall be open to the inspection of officers of the municipality or county and the public. Not later than the tenth day of each month the director of revenue shall distribute all moneys deposited in the trust fund during the preceding month to the municipality or county which levied the tax. Such funds shall be deposited with the county treasurer of each such county or the appropriate municipal officer of the municipality, and all expenditures of funds arising from the local parks and storm water control sales tax trust fund shall be by an appropriation act to be enacted by the governing body of each such municipality or county. Expenditures may be made from the fund for any storm water control or local park functions authorized in the ordinance or order adopted by the governing body submitting the tax to the voters.

2. The director of revenue may authorize the state treasurer to make refunds from the amounts in the trust fund and credited to any municipality or county for erroneous payments and overpayments made, and may redeem dishonored checks and drafts deposited to the credit of such municipalities or counties. If any municipality or county abolishes the tax, the municipality or county shall notify the director of revenue of the action at least ninety days prior to the effective date of the repeal and the director of revenue may order retention in the trust fund, for a period of one year, of two percent of the amount collected after receipt of such notice to cover possible refunds or overpayment of the tax and to redeem dishonored checks and drafts deposited to the credit of such accounts. After one year has elapsed after the effective date of abolition of the tax in such municipality or county, the director of revenue shall remit the balance in the account to the municipality or county and close the account of that municipality or county. The director of revenue shall notify each municipality or county of each instance of any amount refunded or any check redeemed from receipts due the municipality or county.

3. Except as modified in this section and section 644.032, all provisions of sections 32.085 and 32.087 shall apply to the tax imposed under this section and section 644.032.