§ 16G-5. Use of revenue derived from imposition of tax.

The revenue derived from the net admissions tax shall be deposited by the city in the project fund, in an account titled "maintenance and operations fund." Funds in the maintenance and operations fund shall be used for maintenance and operating expenses of the Irving Entertainment Center, as determined by the city council in the annual budget. Funds from the maintenance and operations fund may not be used for any purpose other than expenditures for the maintenance, repair, replacement and operation of the Irving Entertainment Center (excluding any general overhead and administrative expenditures), as defined under Treasury Regulation Section 1.141-4(c)(2)(i)(C). Expenditures from the maintenance and operations fund will not include expenditures that add to the value, or substantially prolong the useful life, of the Irving Entertainment Center (i.e., capital expenditures).

(Ord. No. 2010-9202, § 1, 8-25-10; Ord. No. 2014-9558 , § 1, 3-20-14)