§ 32-14-116 — Operating revenues - use

(1) Any operating revenues generated
by the district, including, but not limited to, lease payments, fees, rentals, rates,
tolls, penalties, and charges for services, programs, or facilities furnished by the
district, shall be used by the board for the following purposes:

(a) To pay for the expenses incurred by the board in the general operation of
the stadium;

(b) To provide for the repair and maintenance of the stadium;

(c) To provide for capital improvements to the stadium;

(d) 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 operating revenues and sales tax revenues are insufficient for all of the
purposes set forth in subsection (1) of this section, the purpose set forth in
paragraph (d) of said subsection (1) shall have first priority of such operating
revenues if such operating revenues are pledged to secure the payment of the
special obligation bonds.

Legislative History

Source: L. 89: Entire article added, p. 1336, � 1, effective June 2. L. 90: Entire section R&RE, p. 1521, � 9, effective April 16.