The Fiscal Court covenants that the additional 2% transient room tax authorized by this subchapter shall remain in full force and effect while the Series 2015 bonds (or any bonds refunding the Series 2015 bonds for so long as the principal amount of the refunding bonds does not exceed the outstanding principal of the Series 2015 bonds at the time of refunding (excepting costs of issuance), and no changes will occur in the maturity date and the payment dates of such refunding bonds) are outstanding; provided, however, that, upon either the end of 17 years of dedicated tax collection or the retirement of all Series 2015 bonds (or such refunding bonds thereof), whichever comes first, the 2% transient room tax authorized by this section shall terminate and the Fiscal Court shall take appropriate action to repeal such tax.
(Ord. 8 (2015), passed 10-27-2015)