§ 5.12.060. Distribution of proceeds.

A.

Except for the taxes levied pursuant to T.C.A. § 7-4-102(c), the proceeds from the tax levied in this chapter shall be retained by the metropolitan government and distributed as follows:

(1)

One-third of the proceeds in its entirety shall be used for the direct promotion of tourism;

(2)

One-third of the proceeds in its entirety shall be maintained in a reserve fund to be used exclusively for the purpose of modifying, constructing, financing and operating a convention center;

(3)

One-sixth of the proceeds shall be used for tourist-related activities which may include funding a convention center; and

(4)

One-sixth of the proceeds shall be deposited in the general fund of the metropolitan government. Effective July 1, 2015, the portion of transient occupancy privilege tax revenue deposited into the general fund that was generated by short term rental properties regulated under Title 17 of the Metropolitan Code shall be exclusively dedicated for appropriation to the Barnes Fund for Affordable Housing established pursuant to Substitute Ordinance No. BL2013-487.

B.

If the total tax collections received pursuant to this section and dedicated to the purposes contained in subsections A(1), A(2) and A(3) exceed the amounts necessary to fund the obligations thereunder, the excess shall be placed in a reserve fund and expended only for tourist-related activities.

C.

The proceeds from the tax authorized by T.C.A. § 7-4-102(c) shall be retained by the metropolitan government and be used exclusively for tourist-related activities within the area of the metropolitan government.

D.

Proceeds of this tax may not be used to provide a subsidy in any form to any hotel or motel.

(Ord. BL2017-583 § 1, 2017; Ord. BL2015-1056 § 1, 2015; Amdt. 1 to Ord. BL2007-1557 § 2, 2007; Ord. BL2007-1557 § 2, 2007; Ord. 2002-1049 § 2, 2002; Ord. 99-1678 § 2, 1999; Ord. 93-845 § 2, 1993; prior code § 15-1-54)