§ 3.28.180 — Use of tax receipts; annual audits

3.28.180 Use of tax receipts; annual audits.

A. The assessor-collector shall pay into the treasury all moneys, including taxes and penalties, collected by him or her pursuant to this chapter for deposit to the credit of a revenue account to be known as the transient occupancy tax account. The revenue from the transient occupancy tax account shall be used solely and exclusively for the following purposes: 1. Administration of the provisions of this chapter; 2. Economic development projects to create local jobs; 3. Acquisition, construction, completion, operation, repair and maintenance of visitor-serving facilities that promote tourism, economic development, and other activities that bolster the local economy, such as convention halls and centers; theatre and arts venues; public off-street parking facilities and related site improvements; lands, easements, rights-of-way, and other works, property, or structures, necessary or convenient for these facilities; 4. Expense in connection with proposals or proceedings for acquisition of the facilities referred to in subsection 3 of this section; 5. Interest and principal payments on bonds issued to acquire any of the facilities referred to in subsection 3 of this section; 6. Lease payments for lease of any of the facilities referred to in subsection 3 of this section. B. All spending pursuant to this section is subject to independent annual audits and full public disclosure as part of the city's annual external audit. (Ord. 2022-0032 § 1; prior code § 41.04.035)