The funds collected, from this tax shall be maintained by the City Clerk in a special fund and disbursed to the Commission monthly in accordance with its annual budget. All such money shall be used solely for the purpose of promoting recreational, convention, and tourist activities and the maintenance and operation of the facilities related hereto, in the city as set out in KRS 91A.390. Any money not expended by the Tourist and Convention Commission during any fiscal year will be used to make up a part of the City of Grayson Tourism and Convention Commission’s budget for the next fiscal year. The City Council forbids the City of Grayson Tourism and Convention Commission from issuing revenue bonds or borrowing money beyond the fiscal year without the express approval of the City of Grayson Council members. The fiscal year shall be from July 1 to June 30.
(Ord. 02-2017, passed 8-31-17)