(A) Five percent of all taxes and revenues collected pursuant to this article shall be used by the city to defray administrative costs.; 36% percent of all taxes and revenues collected pursuant to this article shall be set aside and used for the purpose of encouraging, promoting, fostering and administrating the convention and tourism development of the city; 18% of the taxes collected pursuant to this article shall be set aside and used exclusively for the purpose of the development, maintenance and operation of the public parks now belonging to, or hereafter acquired by the city; and 41% of the taxes collected pursuant to this article shall be set aside and used exclusively for the purpose of improvements and/or maintenance of sports fields now belonging to, or hereafter acquired by, the city.
(B) The tax revenue collected may also be pledged and used for public capital improvements related to the purpose of the hotel tax and to pay the debt service and costs of issuance on any notes, bonds, obligations or evidences of indebtedness issued by the Guthrie Municipal Authority to finance such public capital improvements.
(Ord. 3034, passed 6-16-98; Am. Ord. 3366, passed 1-18-22)