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Home My WebLink AboutR90-176' 154 HOTEL/MOTEL TAX RESERVE FUND RESOLUTION NO. R90-176 A RESOLUTION OF THE CITY OF PLAINVIEW, TEXAS, ADOPTING A STATEMENT OF POLICY ON THE HOTEL/MOTEL TAX RESERVE FUND. WHEREAS, the City of Plainview maintains a Hotel/Motel Tax Reserve Fund; and WHEREAS, on October 8, 1985, the City of Plainview adopted a Hotel/Motel Tax Reserve Fund Policy; and WHEREAS, the City Council desires to amend said policy to include historical preservation as a authorized use of the funds and to establish $100,000 as the mandatory minimum fund balance. NOW, THEREFORE, BE IT RESOLVED by the City of Plainview, Texas, that the attached Hotel/Motel Tax Reserve Fund Policy is adopted and that any and all policy statements in conflict with said policy statement are hereby repealed. Passed and Approved this llth day of September, 1990. E.V. Ridlehuber, Mayor ATTEST: Carla Reese, City Secretary APPROVED AS TO CONTENT: es P.~effers,~~'~n~ APPROVED AS TO FORM: Davi~Blackburn, City Attorney 155 CITY OF PLAINVIEW STATEMENT OF POLICY HOTEL/MOTEL TAX RESERVE FUND The City of Plainview Hotel/Motel Tax Reserve Fund shall have deposited in it, on an annual basis, twenty-five percent of all Hotel/Motel Tax Revenues as well as any unencumbered funds remaining at the end of the fiscal year. The primary intent of the fund is acquisition of land and/or a building to be utilized for a community meeting facility. Secondary use of the money will be for extraordinary special projects for the community that have a direct relationship to tourism and/or convention activities or other uses as permitted by law including Historic Preservation. Application for funding for extraordinary special projects shall be submitted to the Chamber of Commerce for initial screening. The Chamber of Commerce in turn will make a recommendation to the City Council concerning the merit of the proposed project with the final decision as to funding resting with the City Council. At no time shall the reserve fund balance drop below $100,000. Adopted September 11, 1990 - Resolution No. R90-176.