(A) The funds collected from this tax shall be maintained by the City Tax Administrator in a special fund managed by the City Finance Director and disbursed to the Commission monthly. All such money shall be used solely for the purpose of promoting recreational, convention and tourist activity in the city, as set out in KRS 91A.390 and shall not be used to provide a subsidy in any form to any motel, hotel or restaurant.
(B) The Commission must obtain approval from the City Commission prior to using any revenues from the restaurant tax for the purposed of capital improvements including the purchase or acquisition of land. In the event that an approved capital project must be debt serviced by bonds or bonded by the city the Commission will pledge amounts agreed upon by the Commission and City Commission necessary to satisfy principal and interest payments of the bond issue.
(C) The Commission is strongly encouraged to obtain approval from the City Commission for any projects that are estimated at a cost of $10,000 or more. In obtaining the approval, the Commission must provide the City Commission a complete copy of any and all plans, data, research, appraisals, blueprints, etc. regarding the project.
(D) The Commission will continue to provide its annual budget to the City Commission.
(E) The Commission shall provide a monthly written report to the City Commission which includes all income, expenditures, disbursements, and request pertaining to restaurant tax funds.
(Ord. 0-2011-018, passed 6-13-11; Am. Ord. 0-2011-031, passed 10-10-11; Am. Ord. 0-2016- 024, passed 12-22-16)