The net proceeds of the tax collected and remitted pursuant to this chapter shall be deposited into the general revenue fund and shall be appropriated according to this chapter. From the net proceeds derived from the tax imposed by this chapter, after appropriation thereof, Council shall expend such revenues in the following manner and for the following purposes.
(A) At least 50% of the net revenue receivable during the fiscal year, pursuant to this chapter, shall be expended to the Convention and Visitors Bureau of Marion County, Inc., a private non-profit corporation, for the promotion of conventions and tourism that will generally benefit the town and its citizens.
(B) After making the appropriation required by division (A) above, the remaining portion of the net revenues receivable during each fiscal year by the town, pursuant to this chapter, may be expended for no other purpose, other than one or more of the following:
(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 (“convention center” means a convention facility owned by the state, a county, a municipality, or other public entity or instrumentality and shall include all facilities, including armories, commercial, office, community service, and parking facilities and publicly-owned facilities constructed or used for the accommodation and entertainment of tourist and visitors, constructed in conjunction with the convention center and forming reasonable appurtenances thereto);
(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, operation, or maintenance of public parks, tourist information centers, and recreation facilities (including land acquisition), including, but not limited to, any public park, parkway, playground, public recreation center, athletic field, sports arena, stadium, skating rink or arena, golf course, tennis courts, and other parks and recreation facilities, whether of like or different nature, that is owned by the town or the county;
(5) The promotion of the arts, including, but not limited to, music, dramatic arts, dancing, painting, and creative arts through shows, exhibits, festivals, concerts, musicals, and plays;
(6) Historic sites, which means any site listed on the United States national register of historic places, or listed by a local historical landmarks commission, established under state law, when such sites are owned by the town, the county, or a non-profit historical association and are open, from time to time, to accommodate visitors; and
(7) Beautification projects.
(C) For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
FISCAL YEAR. The year beginning July 1 and ending June 30 of the next calendar year.
NET PROCEEDS. The gross amount of tax collections less the amount of tax lawfully refunded.
(Ord. 05-003, passed 6-27-2005)