The revenue derived from the tax imposed by this chapter shall be accounted for as follows:

    1. All revenues received by the city from the imposition of the hotel and motel tax shall be deposited in the general fund of the city.

    2. At least fifty percent of the revenue derived from the hotel and motel tax shall be spent for the acquisition of sites for, or constructing, improving, enlarging, equipping, repairing, operating, or maintaining of recreational, convention, cultural or entertainment facilities including, but not limited to, memorial buildings, halls and monuments, civic center convention buildings, auditoriums, coliseums and parking areas or facilities located at those recreational, convention, cultural, or entertainment facilities, or the payment of principal and interest on bonds or other evidence of indebtedness issued by the city for those recreational, convention, cultural or entertainment facilities, or for the promotion and encouragement of tourist and convention business in the city or county and surrounding areas.

    3. The remaining revenues may be spent by the city for any lawful purpose for which revenues derived from ad valorem taxes may be expended.  (Ord. S-39638, 1980; S-36605, 1978)