(A) On and after April 1, 1993, every person, company, corporation or other like or similar persons, groups or organizations doing business as motor courts, motels, hotels, inns or like or similar businesses supplying accommodations in Woodford County, shall pay quarterly into the county treasury for periods ending March 31, June 30, September 30 and December 31 of each year a transient room tax of three percent (3%) of the gross rent for every occupancy of a suite, room or rooms charged and collected by them during such quarterly period. The tax shall be due and payable on or before the last day of the month next following the last day of each quarterly period, together with a return on a form furnished by or obtained from the Woodford County Treasurer setting an aggregate amount of gross rentals charged and collected during the preceding quarter for every occupancy to which the transient room tax applies, together with such other pertinent information as the Woodford County Treasurer may require, including copies of U.S. and Kentucky Income Tax returns of the business involved.
(B) Any tax imposed by this chapter which shall remain unpaid after it becomes due, as set forth herein, shall have added to it a penalty of ten percent (10%), together with interest at the rate of one-half of one percent (.05%) for each month of delinquency, or fraction thereof, until paid.
(C) The tax imposed by this chapter shall be charged under the same regulations that apply to the Kentucky Sales Tax.
(D) The tax imposed by this chapter shall be in addition to other general taxes and the occupational or business license tax.
(E) In consideration of collection and bookkeeping expenses incurred in the collection of the tax, Woodford Fiscal Court shall be paid a fee of three percent (3%) of all room taxes collected, including interest and penalty collected thereon. All receipts, payments and controls utilized by the county relating to the collection of the room tax shall be included in the annual audit for the county as prescribed by the Kentucky Revised Statutes.
(F) After the fee as set out in (E) has been deducted, the balance of all room taxes collected shall be designated as funds to be utilized in the promotion of tourism in Versailles, Midway, and Woodford County. One-third of the amount designated shall be considered an appropriation from Woodford County, and one-third from the City of Versailles, and one-third from the City of Midway, and shall be available to the Versailles-Midway-Woodford County Tourist Commission as operating funds to accomplish its purposes as set out in this chapter.
(G) No revenue bonds may be issued by the commission without the prior approval and consent by both the Woodford Fiscal Court and the Versailles City Council and the Midway City Council.
(Ord., passed 2-16-93; Am. Ord. 2001-35, passed 11-6-01)