Five percent of the proceeds obtained from the collection of taxes pursuant to this section shall be paid to the Tax Administrator for costs of collection. Ninety-five percent of the proceeds obtained from the collection of taxes pursuant to this section shall be used in accordance with M.S. § 469.190, as the same may be amended from time to time, to provide funding to Iron Trail Convention and Visitors Bureau, or any other tourist or convention center as selected by Council resolution, for the purpose of marketing and promoting the city as a tourist or convention center.
(1989 Code, § 6.32, Subd. 15)