(a) Application of Proceeds. The net proceeds of the tax collected and remitted to the taxing authority pursuant to this article shall be deposited into the general revenue of the City and after appropriation thereof shall be expended only as provided in subsections (b) and (c) hereof.
(b) Required Expenditures. At least fifty percent (50%) of the net revenue receivable during the fiscal year by the City, pursuant to this article shall be transmitted to the Marion County Convention and Visitors Bureau, Inc., for the promotion of conventions and tourism.
(c) Permissible Expenditures. After making the appropriation required by subsection (b) hereof, the remaining portion of the net revenues receivable during the fiscal year by the City, pursuant to this article, may be expended for one or more of the purposes set forth in this section, but no other purpose. The purposes for which expenditures may be made pursuant to this subsection are as follows:
(1) The planning, construction, reconstruction, establishment, acquisition, improvement, renovation, extension, enlargement, equipment, maintenance, repair and operation or publicly owned convention facilities, including, but not limited to, arenas, auditoriums, civic centers and convention centers;
(2) The payment of principal or interest or both on revenue bonds issued to finance such convention facilities;
(3) The promotion of conventions;
(4) The construction or maintenance of public parks, tourist information centers and recreation facilities (including land acquisition);
(5) The promotion of the arts;
(6) Historic sites;
(7) Beautification projects; or
(8) Medical care as provided by West Virginia Code §7-18-14(c)(8).
(Ord. 1331. Passed 12-13-05.)