(A) Funding. The Commission shall annually submit to the City Council a request for funds for the operation of the Commission for the ensuing year.
(B) Restaurant and Food tax. The City Council shall include the Commission in the annual budget and may provide funds for the operation of the Commission by imposing a restaurant tax not to exceed 3% of annual retail sales. Provision shall be made for the collection of the tax and the enforcement of the tax measure enacted.
(C) Use of funds. A portion of the money collected from the imposition of this tax, as determined by the tax levying body, may be used to finance the cost of acquisition, construction, operation, and maintenance of facilities useful in the attraction and promotion of tourist and convention business, including projects described in KRS 65.7075(2)(a). The balance of the money collected from the imposition of this tax shall be used for the general purpose of promoting recreational, convention, and tourist activity in the city. Proceeds of the tax may not be used to provide subsidy in any form to any hotel, motel, or restaurant, except as provided in KRS 65.7075(2)(a)3.c. Money not expended by the Commission during any fiscal year shall be used to make up a part of the Commission’s budget for its next fiscal year.
(D) Indebtedness. The Commission, with the approval of the levying body, may borrow money to pay its obligations that cannot be paid at maturity out of current revenue from the transient room tax, but shall not borrow a sum greater than can be repaid out of the revenue anticipated from the transient room tax during the year in which the money is borrowed. The Commission may pledge its securities to secure the repayment of any sum so borrowed.
(Ord. 16-27, passed 11-14-16)