A. Alton Main Street: Eight percent (8.0%), or a minimum of $37,500, of all proceeds resulting from the imposition of the tax imposed by this section 4-3-8, including interest and penalties collected in association therewith, shall be paid over by the City Treasurer, to the Alton Main Street, a not for profit Illinois corporation, to be expended by it solely to bring economic vitality and social activity to the City of Alton’s historic downtown district. Main Street shall account to the City for the expenditure of said funds not less frequently than semiannually.
B. Tourism: Sixty percent (60%) of all proceeds resulting from the imposition of the tax imposed by this section 4-3-8, including interest and penalties collected in association therewith, shall be paid over by the City Treasurer, to the Greater Alton/Twin Rivers Convention and Visitors Bureau, Inc., a not for profit Illinois corporation, to be expended by it solely to promote tourism, conventions and other special events within the City and otherwise to attract nonresidents to the City. The bureau shall account to the City for the expenditure of said funds not less frequently than semiannually.
C. Community Enrichment: After the payment of the eight percent (8%) share as provided in subsection A and (60%) in subsection B of this section, all remaining proceeds resulting from the imposition of the tax imposed by this section \, including interest and penalties collected in association therewith, shall be held by the City Treasurer in a separate account. Such account shall be designated to establish a reserve fund for the payment of one year’s principal and interest on the City’s marina development bonds. Said fund amount shall be determined by the City Treasurer. Proceeds not designated for the Marina Development Fund may be used for beautification efforts, recreational development, educational development or encouragement of economic development. The City Council shall have the right to approve expenditure of proceeds not designated for marina development, and in the event of such approval, the City Treasurer shall thereafter disburse the funds. The City Council shall not be required to make any recommendations to expend said funds but may elect to allow said funds to accumulate until an appropriate recommendation for expenditure is determined by the City Council. (Ord. 5982, 5-24-1995; amd. ord. 7911, 11-8-2023)