All proceeds resulting from the imposition of the hotel accommodations tax provided for under this subchapter, including penalties for delinquent payments, shall be paid to the City Treasurer and shall be distributed within 30 days after the fifteenth day of the calendar month as follows.
(A) Ninety-five percent of 1% of the gross tax revenue collected under this subchapter shall be paid to the Chicago Southland Convention and Visitors Bureau for the sole purpose of promoting tourism, meetings, conventions or other events or activities within the city or otherwise attracting nonresidents to visit the city and patronize city businesses.
(B) The excess over 95% of 1% of the gross tax revenue collected shall be retained by the city.
(Ord. 2006-12-0075O, passed 12-12-2006)