All proceeds resulting from the imposition of the tax under this subchapter, including penalties, shall be applied as follows:
(A) At least 5% of the gross tax revenue collected each year shall be appropriated for and directed to the Finance Department to defray the costs of administering and processing the imposition, application, and collection of the tax.
(B) Fifty percent of the net revenue collected each year shall be appropriated to the Recreation Department to develop activities which encourage tourism within the village or might otherwise attract nonresident overnight visitors to the village.
(C) Any remaining net revenue collected each year, not exceeding 45%, shall be transferred to the village treasury to be retained until lawfully appropriated and expended by ordinance by the Village Board for activities which promote tourism and conventions within the village or might otherwise attract nonresident overnight visitors to the village.
(Ord. 1029-88, passed 3-2-88)