§ 18-41. Taxes to constitute special fund.

(a)

The total receipts from the tax imposed and levied pursuant to this article shall be kept and maintained in a separate fund and shall in no event be transferred to the general fund. The fund shall be used for the promotion of the tourist industry, which shall include but not be restricted to the following: publicity, advertising, news bureau, promotional events, convention bureau activities, capital improvements and the maintenance of all physical assets in connection therewith, and the restoration and preservation of the ocean beach in the Village, the continued existence of which is essential to the maintenance of all other tourist attractions in the Village.

(b)

The first $1,000,000.00 collected from the one percent increase in the resort tax commencing January 1, 1985, shall be placed in a special reserve fund to be used exclusively for public beach restoration and maintenance. Any excess funds collected over the first $1,000,000.00 shall be used for purposes as otherwise specified in chapter 67-930, Laws of Florida as amended, and by this section.

(Code 1974, § 17-31; Ord. No. 411, § 3, 7-30-96)