(A) The Mt. Vernon-Rockcastle County Tourist Commission shall only expend the money within the guidelines of KRS 91A.350. The Mt. Vernon-Rockcastle County Tourist Commission will retain fifty percent (50%) of tax receipts for marketing and promotional efforts and the City of Mt. Vernon will receive fifty percent (50%) of the tax receipts to be distributed to tourism-related quality of life" recipients/initiatives in the City of Mt. Vernon as deemed eligible by a joint committed comprised of two (2) appointed members from the City Council and two (2) directors of the board of the Tourism Commission. Potential quality of life" recipients identified that directly impact the tourism industry include, but are not limited to, the following: Kentucky Music Hall of Fame, Lake Linville Development, city events/festivals, parks and recreation, revitalization or beautification, trolley historic tour development, revenue for matching funds/grant applications for historical/genealogy society development.
(B) The Tourist Commission shall remit payments for quality of life" projects as they are presented each quarter until fifty percent (50%) of the total monies collected has been expended. The first quality of life" funds will become available the second quarter the tax is in effect. The Tourist Commission will provide to the city a report of available funds within thirty (30) days of the close of each quarter. Any quality of life" funds not used within a fiscal year shall be made available to the City of Mt. Vernon in the following fiscal years until the funds have been expended.
(Ord. 2007-4, passed 9-17-07)