7.18.135 Use of tax revenue.
A. All of the net revenue from the tax, following reductions attributed to collection reimbursement charges, must be used consistently with subsection B of this section to:
1. Fund tourism promotion or tourism-related facilities;
2. Fund City services; or
3. Finance or refinance the debt of tourism-related facilities and pay reasonable administrative costs incurred in financing or refinancing that debt; provided, that:
a. The net revenue may be used for administrative costs only if the City provides a collection reimbursement charge; and
b. Upon retirement of the debt, the City reduces the tax by the amount by which the tax was increased to finance or refinance the debt.
B. At least 70 percent of net revenue from the transient lodging tax shall be used for the purposes described in subsection (A)(1) or (3) of this section. No more than 30 percent of net revenue from a new or increased local transient lodging tax may be used for the purpose described in subsection (A)(2) of this section. [BC 7.18.135, added by Ordinance No. 4687, 6/21/16]