§ 5.12.140. Termination of additional convention center hotel occupancy privilege tax.
Latest version.
A.
The additional hotel occupancy privilege tax up to two dollars authorized by this
article shall terminate once the total bonded indebtedness incurred for the modification
or construction of such convention center facility by the metropolitan government
has been paid in full as to bond principal and interest, including the expenses of
bond sale or sales, and the metropolitan council repeals the provisions of this article.
Provided, however, that any funds and interests remaining in the reserve fund after
all obligations imposed under the provision of this part have been fulfilled, shall
be used by the governmental board or agency responsible for the operation of the convention
center for use by it in the operation, promotion and advertisement of the convention
center facilities.
B.
The additional hotel occupancy privilege tax which exceeds two dollars authorized
by this article shall terminate six years from May 21, 2014.
