(A) The funds collected from this tax shall be maintained by the city’s Director of Finance in a special fund and disbursed to the Commission monthly. All such money shall be used solely for the purpose of promoting recreational, convention and tourist activity in the city, as set out in KRS 91A.390, and shall not be used to provide a subsidy in any form to any motel, hotel or restaurant.
(B) The Commission must obtain approval from the City Council prior to using any revenues from the restaurant tax for the purposed of capital improvements including the purchase or acquisition of land. In the event that an approved capital project must be debt serviced by bonds or bonded by either the city or the city’s Elizabethtown Public Properties Holding Company LLC, the Commission will pledge amounts agreed upon by the Commission and City Council necessary to satisfy principal and interest payments of the bond issue.
(C) The Commission is strongly encouraged to obtain approval from the City Council for any projects that are estimated at a cost of $10,000 or more. In obtaining the approval, the Commission must provide the City Council a complete copy of any and all plans, data, research, appraisals, blueprints and the like regarding the project.
(D) The Commission will continue to tender its annual budget to the City Council for approval as required by KRS 91A.390.
(E) The Commission shall provide a monthly written report to the City Council which includes all income, expenditures, disbursements and request pertaining to restaurant tax funds.
(Prior Code, § 126.03) (Ord. 22-2007, passed 4-23-2007; Ord. 16-2009, passed 9-8-2009)