The funds generated by the additional transient room tax first will be used to pay for studies, design plans, construction costs, bonds or other indebtedness, and any other costs incurred in expanding the Convention Center. These funds also may be used by the Center Corporation to pay bonds or other indebtedness incurred by third parties financing the Convention Center expansion. After the Convention Center expansion is complete, or a full funding plan is in place via the additional transient room tax revenue and/or other funding sources, excess new funds generated by the additional transient room tax may be used to fund regional efforts to promote tourism and convention business, as provided in KRS 91A.390(6).
(Ord. 225.77, passed 7-11-17)