§ 6-62. Levy; rate; disposition of revenues; exceptions.

(a)

There is hereby levied a tax upon a person who, under a lease, concession, permit, right of access, license, contract or agreement, pays the cost of occupancy of any sleeping room or space furnished by any hotel ordinarily used for sleeping, where the cost of occupancy is at the rate of two dollars ($2.00) or more per day, such tax to be equal to seven (7) percent of the consideration paid by the occupant of such room or space to such hotel, exclusive of other occupancy taxes imposed by any other governmental agencies.

(b)

All revenues from the hotel occupancy tax shall be expended for authorized uses only as provided by V.T.C.A., Tax Code § 351.101 et seq.

(c)

The amount of revenue from the tax that is derived from the application of the tax at a rate of more than seven (7) percent of the cost of a room, and any interest income there from shall be used only for the construction of an expansion of an existing convention center facility or pledging payment of revenue or revenue refunding bonds issued in accordance with state law for the construction of the expansion.

(Ord. No. 07-11-06, § II, 12-3-07)