(a) Generally. The net proceeds of the tax collected and remitted to the taxing authority pursuant to this article shall be deposited into the general revenue fund of the City and, after appropriation, shall be expended only as provided in subsections (b) and (c) of this section.
(b) Required Expenditures. At least fifty percent (50%) of the net revenue receivable by the City during the fiscal year pursuant to this article shall be transmitted to the Wood County Visitors and Convention Bureau for the promotion of conventions and tourism.
(c) Permissible Expenditures. After making the appropriation required by subsection (b) of this section, the remaining portion of the net revenues receivable by the City during the fiscal year pursuant to this article may be expended for one or more of the purposes set forth in this subsection, but for no other purpose. The purposes for which expenditures may be made pursuant to this subsection are as follows:
(1) The planning, construction, reconstruction, establishment, acquisition, improvement, renovation, extension, enlargement, equipment, maintenance, repair and operation of publicly owned convention facilities, including but not limited to arenas, auditoriums, civic centers and convention centers.
(2) The payment of principal or interest, or both, on revenue bonds issued to finance such convention facilities.
(3) The promotion of conventions.
(4) The construction or maintenance of public parks, tourist information centers and recreation facilities (including land acquisition).
(5) The promotion of the arts.
(6) Beautification projects.
(d) Definitions. The following words, terms and phrases, when used in this section, shall have the meanings ascribed to them in this subsection, except where the context clearly indicates a different meaning:
(1) “Convention and visitor's bureau” and “visitor's and convention bureau” are interchangeable and means the Wood County Visitor's and Convention Bureau.
(2) “Fiscal year” means the year beginning July 1 and ending June 30 of the next calendar year.
(3) “Net proceeds” means the gross amount of tax collection less the amount of tax lawfully refunded.
(4) “Promotion of the arts” means activity to promote public appreciation and interest in one or more of the arts. It includes the promotion of music of all types, the dramatic arts, dancing, painting and the creative arts through shows, exhibits, festivals, concerts, musicals and plays.
(5) “Recreational facilities” means and includes any public park, parkway, playground, public recreation center, athletic field, sports arena, stadium, skating rink or arena, golf course, tennis courts and other park and recreational facilities, whether of a like or different nature, that are owned by the City.
(Ord. 5-04. Passed 10-14-04.)