From the revenues derived from the tax imposed by this article, Council shall appropriate such revenues in the following manner and for the following purposes:
(a) At least 50% of the net revenue received by the town shall be appropriated to the town’s Convention and Visitor’s Bureau for the promotion of conventions and tourism; and
(b) The remaining portion of the net revenue received by the town shall be appropriated for one or more of the following purposes:
(1) The planning, construction, reconstruction, establishment, acquisition, improvement, renovation, extension, enlargement, equipment, maintenance, repair and operation by 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 or maintenance of public parks, tourist information centers and recreation facilities including land acquisition; or
(5) The promotion of the arts.
(Ord. passed 9-10-1985)