Columbia Tourism fund established ordinance (§ 26-77)

There is hereby established a convention and tourism fund. All taxes levied and collected pursuant to this article shall be deposited to the credit of such fund as hereinafter provided.

During the period when the tax under section 26-78 of this Code is levied at a rate of five (5) percent, sixty (60) percent of the taxes collected under this article shall be placed in a separate account to be used and expended by the city only for promoting conventions, tourism and economic development in the city. Twenty (20) percent of the taxes collected under this article shall be placed in a separate account to be used and expended by the city only for planning, promoting, operating and constructing tourist attractions and planning and promoting tourist events which have substantial potential to generate overnight visitation. Twenty (20) percent of the taxes collected under this article shall be placed in a separate account to be used and expended by the city for planning and constructing airport terminal improvements. As provided in section 26-78, the rate of tax shall be reduced from five (5) percent to four (4) percent on or before January 1, 2040.

During the period when the tax under section 26-78 is levied at a rate of four (4) percent, seventy-five (75) percent of the taxes collected under this article shall be placed in a separate account to be used and expended by the city only for promoting conventions, tourism and economic development in the city. Twenty-five (25) percent of the taxes collected under this article shall be placed in a separate account to be used and expended by the city only for planning, promoting, operating and constructing tourist attractions and planning and promoting tourist events which have substantial potential to generate overnight visitation.