(a) By the passage of this chapter, it is the expressed intention of Council to use the funds derived from the imposition of the tax herein imposed to supplement the General Fund of the City until April 1, 1973, when such funds shall be placed in a fund entitled Convention Center, such funds to be used for the building, operation and/or any other cost incidental to a convention center.
(b) An amount which may be more than but shall not be less than twenty percent (20%) of the receipts generated by the tax herein shall be allocated for the purpose of contracting with the Toledo Area Convention and Visitors Bureau, a separate department of the Toledo Area Chamber of Commerce, for the purpose of bringing the patronage and business of cultural, educational, religious, professional and sports organizations into the city for the benefits of the citizens of the city and for the business community thereof. Council shall allocate such amount once each year at such time as is convenient to enable the City to pay such amount in four equal, quarterly installments to the Toledo Area Convention and Visitors Bureau, with the first installment to be paid January 1, 1982.
(c) On and after January 1, 1976, the provisions of this section to the contrary notwithstanding, funds derived from the imposition of the tax imposed herein may be used for the purpose of retaining the special services of persons, firms or corporations, as deemed necessary by Council, for the carrying out of various programs for the revitalization, and development of the downtown areas of the City and supporting areas adjacent thereto.
(d) On and after January 1, 1982, all earnings accruing from the investment of funds held in the Convention Center Fund shall be credited to, and accumulated in, said fund.
(Ord. 757-81. Passed 12-22-81.)