(a) Application of Proceeds. The net proceeds of the tax collected and remitted to the Town of Granville pursuant to this article shall be deposited into the general revenue fund of the Town and after appropriation thereof, shall be expended only as provided in subsections (b) and (c) hereof
(b) Required Expenditures. At least fifty percent of the net revenue receivable during the fiscal year by the Town pursuant to this article shall be expended in the following manner for the promotion of conventions and tourism:
(1) If a convention and visitor's bureau is located within the Town, county or region, the Town shall appropriate the percentage required by this subsection to that bureau. If a convention and visitor's bureau is not located within the Town, county or region, then the percentage appropriation required by this subsection shall be appropriated as follows:
A. Any hotel located within the Town, county or region may apply to the Town for an appropriation to such hotel of a portion of the tax authorized by this article and collected by such hotel and remitted to the Town, for uses directly related to the promotion of tourism and travel, including advertising, salaries, travel, office expenses, publications and similar expenses. The portion of such tax allocable to such hotel shall not exceed seventy-five percent (75%) of that portion of such tax collected and remitted by such hotel which is required to be expended pursuant to this subsection; provided, that prior to appropriating any moneys to such hotel the Town shall require the submission of, and give approval to, a budget setting forth the proposed uses of such moneys.
B. If there is more than one convention and visitor's bureau located within the municipality, county or region, the Town Council may allocate the tax authorized by this ordinance to one or more of such bureaus in such portion as the Town Council in its sole discretion determines.
C. The balance of net revenue required to be expended by this subsection shall be appropriated to the regional travel council serving the area in which the Town is located.
(Passed 8-9-05)