§ 25-136.2. Additional rate of tax; collection and use of additional revenue; etc.

(a)

Pursuant to F.S. (2005) § 125.0104(3)(n), there is hereby levied, imposed and set an additional one (1) percent of each dollar above the tax rate set under subsections 25-136(a), (b), (c), and (d) and section 25-136.1 of this article.

(b)

All revenues attributable to the increase in the tax rate under this section 136.2 shall be collected and accounted for in accordance with sections 25-137 and 25-138 of this article, except that upon receipt the Orange County Comptroller shall deposit such revenues in an account within the tourist development trust fund that is separate and apart from all other accounts within the trust fund and shall take such actions as are necessary or desirable from time to time to ensure, for accounting purposes, that such revenues are not commingled with the revenues attributable to the tax rates imposed under sections 25-136 and 25-136.1 of this article.

(c)

To the extent permitted by law, the tax revenues attributable to the increase in the tax rate under this section 25-136.2 shall be expended as follows:

(1)

For fiscal years 2005/06 through 2007/08, one hundred (100) percent of the tourist development tax collected hereunder will be used for additional advertising and marketing efforts for tourism promotion.

(2)

For each of the fiscal years 2008/09 through 2017/18, an amount equal to five (5) percent of the amount distributed in subsection (c)(1) hereof will, contingent upon approval by the board of county commissioners of the funding agreements referenced in subsection (6) hereof, be used for payment of debt service on bonds or other obligations issued to finance the construction, reconstruction or renovation of community facilities authorized under F.S. § 125.0104(3)(n).

(3)

For each of the fiscal years 2008/09 through 2017/18, an amount equal to fifty (50) percent of the total tourist development tax collected hereunder will, contingent upon approval by the board of county commissioners of the funding agreements referenced in subsection (6) hereof, be used for payment of debt service on bonds or other obligations issued to finance the construction, reconstruction or renovation of community facilities authorized under F.S. § 125.0104(3)(n).

(4)

For each of the fiscal years 2008/09 through 2017/18, the remaining balance of the tourist development tax collected hereunder after making the payments outlined in subsections (c)(2) and (c)(3) hereof will be distributed for additional advertising and marketing efforts for tourism promotion.

(5)

For fiscal years 2018/19 and thereafter, the tourist development tax collected hereunder will, contingent upon approval by the board of county commissioners of the funding agreements referenced in subsection (6) hereof, be distributed fifty (50) percent for additional advertising and marketing efforts for tourism promotion and fifty (50) percent for payment of debt service on bonds or other obligations issued to finance the construction, reconstruction or renovation of community facilities authorized under F.S. § 125.0104(3)(n).

(6)

The provisions of sections 25-139, 25-140, and 25-141 of this article do not apply to the tax revenues attributable to the increase in the tax rate under this section 25-136.2. In addition, all expenditures of tourist tax revenues levied under this section will be subject to separate funding agreements approved by the board of county commissioners.

(Ord. No. 2006-15 , § 1, 7-18-06)