§ 5.12.130. Distribution of additional convention center hotel occupancy tax funds.

A.

Revenues up to two dollars received by the metropolitan government from the privilege tax imposed pursuant to this article shall be deposited into a metropolitan government fund entitled "The Convention Center Fund" and shall be used for the purpose of paying costs incurred in modification or construction of a publicly-owned convention center in excess of four hundred million dollars and costs located within the territory of the metropolitan government. Such revenues may also be used for the operation, promotion, management and marketing of such a convention center. If the revenues from such surcharge or tax in any fiscal year exceed the total of such debt service requirements from that year, such surplus revenue thus accruing shall be retained by the metropolitan government as a reserve fund for future convention center debt service.

B.

Revenues which exceed two dollars received by the metropolitan government from the privilege tax imposed pursuant to this article shall be deposited into a metropolitan government fund entitled "The Event and Marketing Fund." The Fund expenditures shall be administered by a committee which, for administrative purposes, shall be attached to the Nashville Convention & Visitors Corporation, or similar entity that has been approved by the metropolitan council and the mayor, and is under contract to provide tourism and convention sales and marketing services to the Metropolitan Government of Nashville and Davidson County. The committee governing the fund shall have six members and a chair who votes only to break a tie. The members of this committee shall be appointed by the mayor. Members of the committee shall include at least one person nominated by a hotel and lodging association located in Davidson County, one person from the hospitality industry, one representative from a hotel corporation that operates a single hotel within Davidson County with an excess of two thousand nine hundred rooms, two members of the public, one person who owns or operates a business within the downtown central business improvement district, and a chair to be selected by the mayor. The administration of funds shall continue until the expiration of said contract, including any extensions or renewal thereof, or the expiration of the additional hotel occupancy tax act, whichever occurs first. All expenditures from "The Event and Marketing Fund" shall be subject to the approval of the Director of Finance of the Metropolitan Government of Nashville and Davidson County. An audited financial statement from the committee shall be supplied annually to the finance director and the metropolitan council.

C.

Revenues which exceed two dollars received by the metropolitan government from the privilege tax imposed pursuant to this article shall be used by the committee to support events or projects which are found by the committee to have a cumulative total economic impact on the Metropolitan Government of Nashville and Davidson County of greater than five million dollars.

(Amdt. 1 to Ord. BL2018-1172 § 1, 2018; Ord. BL2018-1172 § 1, 2018; Ord. BL2008-251 § 2, 2008; Ord. BL2007-1557 § 3, 2007)