(a) All moneys deposited into the Airline Guaranty Program Fund, as created in Section 4-1-10 of this Chapter, shall, subject to duly adopted appropriation made by the Town Council from year to year, be expended exclusively to support, enhance and expand commercial and/or charter airline service to the Telluride and Montrose regional airports, inclusive of providing funding for the airline guaranty program administered by the Telluride/Montrose Regional Air Organization, a not-for-profit organization established under Section 501(c)(6) of the Internal Revenue Code, or its successor organization, such organization having been created and charged with the responsibility to effectively secure and maintain commercial air service into the Telluride/ Mountain Village/Montrose Region in a fiscally responsible manner; except that, in the event the Town Council is prohibited or otherwise precluded from appointing and/or maintaining representation on behalf of the Town of Telluride on the governing body of such organization or its successor, or the Town Council determines that funds provided for the airline guaranty program are not being expended for the purposes or in the manner for which they were appropriated, then the dedication and expenditure of moneys derived from the two-percent excise tax provided for in this Article to fund the airline guaranty program shall terminate.

(b) Notwithstanding any other provision of this Section, not more than two percent (2%) of the tax revenues annually deposited into the Airline Guaranty Program Fund may be retained by the Town to offset tax collection costs and as an administration and management fee. (Prior code 3.40.160; Ord. 1288 §1, 2008)