ORDINANCE NO. 5758

AN ORDINANCE AMENDING THE CITY OF WATERLOO CODE OF ORDINANCES BY REPEALING SECTION 7, LOCAL TRANSIENT GUEST TAX FUND, OF ARTICLE A, HOTEL AND MOTEL TAX, OF CHAPTER 8, MUNICIPAL FINANCES, OF TITLE 1, ADMINISTRATION, AND ENACTING IN LIEU THEREOF A NEW SECTION 7.

   BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA AS FOLLOWS:

   Section 1. That Section 7, Local Transient Guest Tax Fund, Article A, Hotel and Motel Tax, Chapter 8, Municipal Finances, Title 1, Administration, is hereby repealed and a new Section 7, Local Transient Guest Tax Fund, Article A, Hotel and Motel Tax, Chapter 8, Municipal Finances, Title 1, Administration, is enacted in lieu thereof as follows:

1-8A-7: LOCAL TRANSIENT GUEST TAX FUND:

   A.    There is created in the office of the state treasurer a local transient guest tax fund which shall consist of all monies credited to such fund under this article.

   B.   All monies in the local transient guest tax fund shall be remitted at least quarterly by the state treasurer, pursuant to rules of the director of revenue and finance of the state, to the city in the amount collected from business in the city.

   C.   Monies received by the city from this fund shall be credited to the general fund of the city, subject to the provisions of subsection D of this section. (Ord. 4052, 11-14-1994)

   D.   The revenue derived from any hotel and motel tax authorized by this article shall be used as follows:

         1.   The first $300,000.00 of revenue to repayment of bonded indebtedness issued by the city for incentives in support of the Lost Island Themepark project.

      2.   The remaining amount collected shall be allocated as follows:

         a.   Fifty percent (50%) to Experience Waterloo, formerly known as the Waterloo convention and visitors bureau, for the promotion of tourism.

         b.   Twenty percent (20%) to the Waterloo Convention Center.

         c.   Ten percent (10%) to the Waterloo city council for discretionary purposes.

         d.   Twenty percent (20%) to recreation, culture, conventions, and entertainment. The board of directors of Experience Waterloo shall make recommendations every January to the city council concerning the allocation of these funds.

      3.   Shall be stricken in its entirety.

Section 2. This ordinance shall be in full force and effect from and after its passage and publication as provided by law.

INTRODUCED:             April 15, 2024

   PASSED 1st CONSIDERATION:      April 15, 2024

   PASSED 2nd CONSIDERATION:      April 15, 2024   

   PASSED 3rd CONSIDERATION:      April 15, 2024

   PASSED AND ADOPTED this 15th day of April 2024.

                        ____________________________

                        Ray Feuss, Mayor Pro Tem

ATTEST:                     

____________________________

Kelley Felchle, City Clerk

SEAL

Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, [phone].