(a) Application of proceeds. The net proceeds of the tax collected and remitted to the taxing authority pursuant to this article shall be deposited into the general revenue fund of such municipality or county commission and, after appropriation thereof, shall be expended only as provided in this section.
(b) Required expenditures. At least 50 percent of the net revenue receivable during the fiscal year by a county or a municipality pursuant to this article shall be expended in the following manner for the promotion of conventions and tourism:
(1) Municipalities. If a convention and visitors bureau is located within the municipality, county, or region, and has complied with the requirements of 7-18-13a of this code, the governing body of such municipality shall appropriate the percentage required by this subsection to that bureau. If a convention and visitors bureau is not located within such municipality, county or region, or a bureau located within such municipality has not complied with the requirements of 7-18-13a of this code, then the percentage appropriation required by this subsection shall be appropriated as follows: