Ninety-five percent of the proceeds obtained from the collection of taxes pursuant to this subchapter shall be used in accordance with M.S. § 469.190, as it may be amended from time to time, to fund a local convention/ tourism bureau for the purpose of marketing and promoting the city as a convention/tourist center. The city may retain a maximum 5% for administrative costs.
(1998 Code, § 2.56, Subd. 14)