The revenue derived from the hotel occupancy tax authorized by this subchapter may be used for those purposes stated in Tex. Tax Code, Subchapter 351, as it may be amended, and any other purposes allowed under the laws of the state; provided that a portion of the tax revenue equal to 1% of the cost of the occupancy of hotel rooms shall be reserved for the purposes stated for such reserved tax revenue in Tex. Tax Code § 351.005, as it may be amended. These reserved tax revenue funds may be used by the city for the purposes allowed or the city may contract with persons or organizations to use these reserved tax revenue funds for the purposes allowed.
('68 Code, § 26-16) (Ord. 11-1977-44, passed 11-8-77; Am. Ord. 9-1991-32, passed 10-8-91)