Subject to the legislative discretion of this and future City Councils, 60% of all Hotel Occupancy Taxes received by the city shall be deposited into an escrow account to be held and maintained by the city. The funds and balances of the escrow account shall be managed and invested in compliance with the city's investment policy and all earnings of such escrow account shall be deposited in and remain in such account. The escrow account shall be reserved, held and increased for any purpose allowed by Ch. 351, Subch. B of the Tex. Tax Code, as amended.
(Ord. 2019-008, passed 10-15-2019)