(a) After deducting the real and actual costs of administering the tax, sixty-six and two- thirds percent (66 2/3%) of the revenue arising from the original 3% of the tax and one hundred percent (100%) of the revenue arising from the additional 1% of the tax, in the aggregate of 4%, shall be deposited in the City’s General Fund and shall be spent solely to make contributions to the Portsmouth Area Convention and Visitor’s Bureau (PACVB) for the promotion of tourism and convention business. Contributions to the Convention and Visitor’s Bureau shall be made on the basis that two City Council members, or City Council’s designees, shall be members of the Board of Trustees of the Convention and Visitors Bureau as provided under Article III, Section I of the Constitution and By-laws of the PACVB, which two Board members shall also serve on the Executive Board of the PACVB, established under Article IV, Section I of the Constitution. Thirty-three and one-third percent (33 1/3%) of the revenue arising from the original 3% of the tax and none of the revenue arising from the additional 1% of the tax, shall be deposited in the City’s General Fund and shall be placed in a Community Cultural Development Fund, the specific purpose of which would be to enable the Portsmouth City Council to develop the cultural, recreational, and community growth of the area.
(Ord. 2005-79. Passed 10-24-05.)
(b) The City Auditor shall establish all regulations necessary to provide for the administration of the tax and the reporting and audit procedures of the Tourist Council and the Community and Cultural Development Fund.
(c) Stipulating the original schedule of distribution as follows:
PAYMENT TO BE RECEIVED QUARTER ENDING NO LATER THAN March 31 May 10 June 30 August 10 September 30 November 10 December 31 February 10 |
(Ord. 1999-27. Passed 3-22-99.)