ORDINANCE NO. __________, SERIES 2020
Title
AN ORDINANCE AMENDING CHAPTER XX OF THE LOUISVILLE METRO CODE OF ORDINANCES BY CREATING A NEW SECTION REGARDING A SURCHARGE ON TICKETS AND A TAX ON RESTAURANT GROSS RECEIPTS.
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SPONSORED BY: COUNCIL MEMBER ACKERSON
WHEREAS, Kentucky Revised Statute ("KRS") ? 153.460 enables Louisville Metro Government to levy a surcharge on tickets and a tax on gross receipts of certain restaurants, both to support a multipurpose arena, as described below;
WHEREAS, as a result of increased pension obligations, Louisville Metro Government has reduced services to the public and been forced to examine all revenue options allowed by state law to avoid further cutbacks;
WHEREAS, Louisville Metro Council acknowledges the amended agreement it codified under Ordinance No. 131, Series 2017 to provide financial assistance to the Louisville Arena Authority, Inc., a Kentucky non-stock, nonprofit corporation (the "Arena Authority") in refinancing the Series 2008 Arena Bonds for the Louisville Arena Project;
WHEREAS, Louisville Metro Council seeks to continue its commitment to provide financial assistance to the Arena Authority by applying the revenue sources that the Commonwealth makes possible through KRS ? 153.460; and
WHEREAS, Louisville Metro Council creates a new chapter of Louisville Metro Code of Ordinances to establish a surcharge on tickets and a tax on restaurant gross receipts.
NOW, THEREFORE, BE IT ORDAINED BY THE LEGISLATIVE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AS FOLLOWS:
SECTION I: A new chapter of the Louisville Metro Code of Ordinances ("LMCO") is hereby enacted to read as follows: MULTIPURPOSE ARENA TICKET SURCHARGE AND RESTAURANT TAX
SECTION II: A new chapter of the LMCO XX is hereby enacted to read as follows:
? XX.01 DEFINITIONS.
For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a dif...
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