111.17 Disposition of tax revenue – Use.
(A) The city will account for all revenues, as contained within this chapter, by depositing 100% of all net revenues in the Transient Lodgings Tax Account within the General Fund.
(B) All revenues received through transient lodgings taxes, fees and the like shall be expended in the following manner: the Transient Lodgings Tax – Tourism Line Account shall be solely used to fund expenditures that:
(1) Fund tourism promotion or tourism-related facilities; or
(2) Finance or refinance the debt of tourism-related facilities and pay reasonable administrative costs incurred in financing or refinancing that debt; provided that:
(a) The net revenue may be used for administrative costs only if the unit of local government provides a collection reimbursement charge; and
(b) Upon retirement of the debt, the tax is reduced by the amount which the tax was increased to finance or refinance the debt. (Ord. 2013-02, passed 09/9/2013)