§ 270-7. Tax regulations.

A. 

The taxes upon predominantly tourism-related retail receipts which are authorized by this article shall be subject to the following regulations:

(1) 

All taxes imposed by this article shall be paid by the purchaser.

(2) 

A vendor shall not assume or absorb any of the taxes which are authorized to he imposed by the terms of this article.

(3) 

A vendor shall not advertise or represent that any of the taxes authorized to be imposed by the terms of this article will be assumed or absorbed by the vendor.

(4) 

Each assumption or absorption by a vendor of any of the taxes authorized by the terms of this article shall be deemed a separate offense, and each representation or advertisement by a vendor for each day the representation or advertisement continues shall be deemed a separate offense.

B. 

These taxes shall be paid to the Treasurer of the State of New Jersey and 90% of said revenues shall be transferred to the New Jersey Sports and Exhibition Authority in connection with its financing and construction of the Wildwood Convention Center, and 10% of said taxes shall be transferred by the Treasurer of the State of New Jersey to the Greater Wildwoods Tourism Improvement and Development Authority to be used for its lawful purposes. This allocation of the taxes shall continue until the State Treasurer certifies that all bonds or notes issued by the Sports Authority to finance the Wildwood Convention Center facility, together with interest thereon, have been fully met and discharged or otherwise provided for.