§ 32-15-112 — Operating revenues - use

Colorado § 32-15-112

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Metropolitan Football Stadium District Act

Text

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

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

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

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

(e) To provide the counties within the district and the city and county of Denver
with a benefit from the revenues, other than sales tax revenues or admissions tax
revenues, derived from the operation of the stadium during the period of time the
district is collecting the sales tax.

(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 (a) 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. 96: Entire article added, p. 1069, � 1, effective May 23. L. 98: (1)(e) amended, p. 508, � 8, effective April 22.