§ 32-14-115 — Sales tax revenues - use

(1) Sales tax revenues levied and
collected pursuant to the provisions of section 32-14-114 shall be used by the board
for the following purposes:

(a) To reimburse the board for the day-to-day operating costs incurred in the
administration of the district; however, such costs shall not exceed three-fourths of
one percent of the amount of sales tax revenues collected annually;

(b) To reimburse the board for any loans made to the board or any direct out-of-pocket expenses incurred by the board for matters directly related to the duties
of the board prior to the time that sales tax revenues were available for use by the
board;

(c) To reimburse the board for expenses incurred in the investigation, study,
and evaluation of potential stadium sites, for preconstruction planning of the
design and construction of a stadium, and for the hiring of professionals to assist in
these and other related activities;

(d) To acquire a site within the district which shall be suitable for
construction of a stadium;

(e) To plan, design, and construct a stadium and all facilities incidental
thereto;

(f) To pay the principal, interest, and prepayment premium, if any, on
outstanding special obligation bonds issued by the board pursuant to the provisions
of this article.

(2) If sales tax revenues levied and collected pursuant to the provisions of
section 32-14-114 and the operating revenues generated by the district are
insufficient for all of the purposes set forth in subsection (1) of this section, the
purpose set forth in paragraph (f) of said subsection (1) shall have first priority of
such sales tax revenues.

Legislative History

Source: L. 89: Entire article added, p. 1335, � 1, effective June 2. L. 90: Entire section R&RE, p. 1521, � 8, effective April 16.