(A) Any and all monies and/or taxes collected hereunder shall be placed in the Shiloh Tourism and Convention Promotion Fund and may be disbursed only in accordance with the Shiloh Tourism and Convention Promotion Fund ordinance.
(B) The Shiloh Tourism and Convention Promotion Fund is adopted pursuant to the Illinois Municipal Code for the express and limited purpose of distributing taxes and other monies collected pursuant to the Shiloh Municipal Hotel/Motel Tax. The taxes and other monies collected from the Shiloh Municipal Hotel/Motel Tax shall be expended solely to promote tourism and conventions within the village or otherwise to attract nonresident overnight visitors to the village. No funds shall be used to advertise for, or otherwise promote, new competition in the hotel business.
(C) There shall be a Shiloh Tourism and Convention Promotion Board established to invest and distribute taxes and other monies collected pursuant to the Shiloh Municipal Hotel/Motel Tax. The Board shall consist of members of the Village Board and/or village staff appointed to serve. Appointments shall be made by village staff, with the advice and consent of the Village Board. Members of the Shiloh Tourism and Convention Promotion Board may be removed by two-thirds vote of the Village Board. Members of the Shiloh Tourism and Convention Promotion Board shall have the duty and obligation to protect and reasonably invest any sums received and only make disbursements or expenditures as is consistent with the purposes of this chapter.
(D) This chapter shall take effect and be in full force and effect immediately on and after its passage and approval.