(A) Generally. The net proceeds of the tax collected and remitted to the taxing authority pursuant to this subchapter shall be deposited into the General Revenue Fund of the city and, after appropriation, shall be expended only as provided in divisions (B) and (C) below.
(B) Required expenditures. At least 50% of the net revenue receivable by the city during the fiscal year pursuant to this subchapter shall be transmitted to the Nitro Convention and Visitor’s Bureau for the promotion of conventions and tourism; provided, that if a convention and visitor’s bureau is not located within the city, the required percentage of the net revenues received from this tax shall be distributed to the convention and visitor’s bureau in Putnam County and Kanawha County as required by W. Va. Code 7-18-1 et seq., and such distribution shall be made based on the revenue received from the hotels located in those counties; provided, however, that the distribution to the convention and visitor’s bureau in Putnam County and Kanawha County shall cease when operation of the city’s Convention and Visitor’s Bureau commences.
(C) Permissible expenditures. After making the appropriation required by division (B) above, the remaining portion of the net revenues receivable by the city during the fiscal year pursuant to this subchapter may be expended for one or more of the purposes set forth in this division (C), but for no other purpose. The purposes for which expenditures may be made pursuant to this division (C) are as follows:
(1) The planning, construction, reconstruction, establishment, acquisition, improvement, renovation, extension, enlargement, equipment, maintenance, repair and operation of publicly owned convention facilities, including, but not limited to, arenas, auditoriums, civic centers and convention centers;
(2) The payment of principal or interest, or both, on revenue bonds issued to finance such convention facilities;
(3) The promotion of conventions;
(4) The construction, operation or maintenance of public parks, tourist information centers and recreation facilities (including land acquisition);
(5) The promotion of the arts;
(6) Historic sites; and
(7) Beautification projects.
(Ord. 08-, passed 11-3-2008)