Section 11-2519. Tourism and convention fund

--Notwithstanding any provision
  of  law  to  the contrary, with respect to the additional tax imposed at
  the rate of six percent on and after September first,  nineteen  hundred
  ninety  and before December first, nineteen hundred ninety-four pursuant
  to subparagraph (B) of paragraph  three  of  subdivision  a  of  section
  11-2502  of  this  chapter,  four  and  one-sixth  percent  of the total
  revenues resulting from the imposition of such tax, including  four  and
  one-sixth  percent  of  any  interest  or  penalties  thereon,  shall be
  credited to and deposited in a  special  tourism  and  convention  fund,
  which  shall  be  used  solely  for the purpose of promoting tourism and
  conventions in the city. Seven-eighths of the moneys in such fund  shall
  be  made available to the New York Convention and Visitor's Bureau, Inc.
  pursuant to an annual contract with the city which  may  specify,  among
  other  things,  the services which shall be provided by such bureau with
  such moneys and the content and number of reports which will have to  be
  provided  by  such bureau to the city concerning the expenditure of such
  moneys, and provided that the annual budget and business  plan  of  such
  bureau  is approved by the mayor of the city or his or her designee. The
  remaining one-eighth of the fund shall be spent  for  promoting  tourism
  and  conventions  which  may  include, at the mayor's discretion, moneys
  spent in connection with additional contracts made  with  the  New  York
  Convention  and Visitor's Bureau, Inc. For purposes of this section, the
  term "promoting tourism and conventions" shall mean developing,  placing
  and  purchasing  advertising  promoting  the  city, and engaging in such
  other efforts as are designed to attract tourists and conventions to the
  city.