All proceeds resulting from the imposition of the tax under this chapter, including penalties, shall be distributed within 30 days after the 15th day of the calendar month as follows:
(a) Ninety-five percent (95%) of one percent (1%) of the gross tax revenue collected shall be paid to the Chicago Southland Convention and Visitors Bureau for the sole purpose of promoting tourism and conventions.
(b) The excess over ninety-five percent (95%) of one percent (1%) of the gross tax revenue collected shall be retained by the Village to defray the costs of administering and processing the imposition and collection of tax.
(c) In the event the Village increases the tax collected pursuant to Section 886.03 hereof, the Bureau shall only be entitled to ninety-five percent (95%) of one percent (1%) of the gross tax revenue collected.
(Ord. 679. Passed 10-13-86; Ord. 1084. Passed 11-26-01.)