A. There is hereby created a special fund in the treasury of Pierce County to be known as the Stadium, Convention, and Tourist Attraction Facilities Fund. All tax collected pursuant to PCC 4.16.010 A. shall be placed in such fund for the purpose of paying all or any part of the cost of acquisition, construction, or operating of stadium facilities, convention center facilities, or to pay or secure the payment of all or any portion of general obligation bonds or revenue bonds issued for the purpose or purposes as specified herein, and additionally to pay for advertising, publicizing, or otherwise distributing information for the purpose of attracting visitors and encouraging tourist expansion, and until withdrawn for use, the monies accumulated in such fund may be invested in interest-bearing securities by the Director of Finance in any manner authorized by law.

B. Visitor and Convention Promotion Fund. There is hereby established in the treasury of Pierce County a Special Visitor and Convention Promotions Fund, into which all sums received as a result of the levy under PCC 4.16.010 B. be and shall be paid. Such sums as are deposited in said visitor and convention promotions fund shall be used only for the purpose of visitor and convention promotions and development, and until withdrawn for such use, monies accumulated in such fund may be invested in interest bearing securities by the Director of Finance in any manner authorized by law.

C. There is hereby created a special fund in the treasury of Pierce County, effective January 1, 1998, to be known as the Tourism Promotion and Capital Facilities Fund. All funds raised as a result of the excise tax imposed on the sale or charge made for the furnishing of lodging by a hotel, motel or trailer camp pursuant to Chapter 4.16 PCC shall be placed in such fund effective January 1, 1998, for the purpose of funding tourism promotion or tourism-related capital facilities. Said funds shall be subject to appropriation by the Pierce County Council after considering recommendations made by the Lodging Tax Advisory Committee. Until January 1, 1998, revenue collected pursuant to this Ordinance shall be deposited in existing funds pursuant to PCC 4.16.080 A. and B.