All revenues collected by this subchapter for the hotel/motel occupancy tax shall be deposited in the General Revenue Fund and expended for the following purposes and none other:
(A) Fifty percent of said tax collected and deposited in the General Revenue Fund during the fiscal year shall be paid to the convention and visitor’s bureau located within the municipality, county or region; and
(B) The remaining funds shall be used for the following purposes:
(1) Planning, construction, reconstruction, establishment, acquisition, improvement, renovation, extension, enlargement, equipment, maintenance, repair and operation of convention facilities, including, but not limited to, arenas, auditoriums, civic centers and convention centers;
(2) The payment of principal or interest, or both, on municipal bonds issued pursuant to the provisions of W. Va. Code § 8-16-1 et seq., the proceeds from the sale of which were used to finance convention facilities; and
(3) The promotion of conventions or any combination of the foregoing.
(Ord. passed 2-10-2009)