(a) There is hereby levied and imposed a tax at the rate of five percent on the gross rental receipts from the rental of a motor vehicle, except that the same exemptions provided in Chapter 152, Subchapter E, of the Texas Tax Code apply to the tax imposed under this section.
(b) The tax imposed under this section must be collected on every rental occurring on or after May 1, 1998, and must continue to be collected for so long as any bonds or other obligations that are issued by the city before May 1, 1999 under Section 334.043 of the Act for the purpose of financing a portion of the costs of the approved venue project, and any bonds refunding or refinancing those bonds or other obligations, are outstanding and unpaid. (Ord. 23456)