Ninety five percent (95%) of the proceeds obtained from the collection of taxes pursuant to this chapter shall be used in accordance with Minnesota statutes section 469.190 as the same may be amended from time to time to fund a designated entity designated by the city for the purpose of marketing and promoting the community as a tourist center. The city shall retain up to five percent (5%) of the proceeds obtained hereunder to defray the costs and expenses of collection and administration of such tax. The city shall disburse the balance of the tax collected to the designated entity by the fifteenth day of the month following the city's receipt of such funds. (2002 Code)