NC S731

Clarifies that the City of Southport shall remit net proceeds of the occupancy tax to the Southport Tourism Development Authority once the Board of Aldermen adopts a resolution levying a room occupancy tax under subsection (a1).

Requires the Tourism Development Authority to use at least two-thirds of remitted funds to promote travel and tourism in Southport and the remainder for tourism-related expenditures.

Defines "net proceeds" as gross proceeds minus administration and collection costs (3% of first $500,000 annually plus 1% of remaining gross receipts).

Specifies that the Tourism Development Authority must be created when the Board of Aldermen adopts a room occupancy tax resolution, with membership requirements including at least one-third affiliated with tax-collecting businesses and at least three-fourths active in tourism promotion.

Designates the City Finance Officer as ex officio finance officer of the Tourism Development Authority.