All revenues collected by the Municipality from the tax levied by this article shall be deposited in the General Revenue Fund of the Village and expended for the following purposes and none other:
(a) The planning, construction, reconstruction, establishment, acquisition, improvement, renovation, extension, enlargement, equipment, maintenance, repair and operation of publicly owned convention facilities including, but not limited to, arenas, auditoriums, civic centers and convention centers;
(b) The payment of principal, interest or both on revenue bonds issued to finance such convention facilities;
(c) The promotion of conventions;
(d) The construction or maintenance of public parks and recreation facilities, including land acquisition; or
(e) The promotion of the arts.
(Ord. 88-10. Passed 10-18-88.)
(f) At least fifty percent (50%) of the revenue derived from this article shall be used for the Convention and Visitor’s Bureau.