(A) There is hereby imposed an occupancy tax of 5% of gross taxable rent for lodging paid to vendors after December, 1984.
(B) Not less than one-half of the proceeds of such occupancy tax shall be used for the purpose of advertising, publicizing and promoting tourist-related attractions, facilities and events. Notwithstanding the preceding sentence, the payment of principal and interest on outstanding bonds issued prior to July 1, 1977 pursuant to Section 3-38-23 or 3-38-24 NMSA 1978, shall be in accordance with the retirement schedules of the bonds established at the time of issuance.
(C) Any balance of the occupancy tax proceeds not used for the purpose set forth above may be used to defray the costs of:
(1) Collecting and otherwise administering the tax, including the performance of audits required by the Lodgers' Tax Act, Sections 3-38-13 to 3-38-24 NMSA 1978, pursuant to guidelines issued by the State of New Mexico Department of Finance and Administration;
(2) The Mayor's Office or designated representative will administer all Lodger's Tax audits. Audits Schedule of Taxable Premises will be submitted for review to the City's Lodgers' Tax Advisory Board at their monthly meeting in August.
(3) Establishing, operating, purchasing constructing, otherwise acquiring, reconstructing, extending, improving, equipping, furnishing or acquiring real property or any interest in real property for the site or grounds for tourist-related facilities, attractions or transportation systems of the municipality, the county in which the municipality is located or the county;
(4) The principal of and interest on any prior redemption premiums due in connection with and any other charges pertaining to revenue bonds authorized by Section 3-38-23 or 3-38-24 NMSA 1978;
(5) Advertising, publicizing, and promoting tourist-related facilities and attractions and events of the municipality or county and tourist facilities or attractions within the area;
(6) Providing police and fire protection and sanitation service for tourist-related events, facilities and attractions located in the city or county; or
(7) Any combination of the foregoing purposes or transactions stated in this section but for no other municipal or county purpose.
(D) Every vendor who is furnishing any lodgings within a municipality or county is exercising a taxable privilege.
('74 Code, § 4-2-4) (Ord. 80- 1969; Am. Ord. 68-1984; Am. Ord. 48-1991; Am. Ord. 56-1993; Am. Ord. 24-2001; Am. Ord. 2019-024) Penalty, see §4-4-99