(1) There is hereby created a special fund to be known as the hotel-motel tax fund. All taxes levied herein shall be placed in said fund and may be used only for the purpose of paying all or any part of the cost of acquisition, construction, installation, addition, improvement, replacement, repair, maintenance, or operation of convention-center facilities, stadium facilities, performing arts center facilities and/or visual arts center facilities or to pay or secure the payment of all or any portion of general obligation bonds or revenue bonds, if any, issued for such purpose or purposes as specified herein, or to pay for advertising, publicizing, or otherwise distributing information for the purpose of attracting visitors and encouraging tourist expansion and until withdrawal for such use, the moneys accumulated in said fund may be invested in interest-bearing securities by the Snohomish county treasurer in any manner authorized by law.

(2) The county executive shall designate a fund manager for the hotel-motel tax fund, whose name and title shall appear on a master list of fund managers maintained in the department of finance. (Added by Res. 79-335 § 1, Nov. 5, 1979; Amended by Ord. 84-138 § 1, Nov. 19, 1984; Amended by Ord. 85-054 § 1, June 27, 1985; Amended by Amended Ord. 87-062 § 1, Aug. 12, 1987; Amended by Ord. 07-138, Dec. 5, 2007, Eff date Jan. 1, 2008).