42-5031. Distribution of multipurpose facility
revenues to district
A. Subject to the requirements of subsection D of this section, if a county stadium
district is authorized by an election pursuant to section 48-4237, subsection E,
paragraph 5 to use the amounts paid to the district pursuant to subsection B of this
section as permitted by law, then after delivery of a resolution of the district board of
directors requesting payment, which resolution shall contain notice of the exercise of
the option to begin payments provided for in this subsection, the state treasurer shall
pay each month, beginning with the second calendar month after the optional payment
commencement event contained in the resolution, from the amount designated as
distribution base pursuant to section 42-5029, subsection D, the amount determined under
subsection B of this section to the district. Payments under this section shall continue
until July 1, 2025 or until the date all authorized debt service payments are completed
as provided by section 48-4203, subsection B, paragraph 3, whichever date is earlier.
B. The amount to be paid each month under subsection A of this section is one-half
of the amount of state transaction privilege tax revenues received in the second
preceding calendar month from all persons conducting business under any business
classification under this article at a multipurpose facility site, or in the construction
of a multipurpose facility, the public or district owned components of which cost at
least two hundred million dollars to construct. In no event shall the amount to be paid
each month under this section exceed the net new state transaction privilege tax revenues
received from the multipurpose facility site as compared to the revenues received in the
same month during the twelve months prior to the month in which the public vote pursuant
to section 48-4237 is held. The amount paid to the district shall not exceed the amount
required to service the debts and obligations of the district and to meet the purposes
set forth in section 48-4204, subsection B.
C. The primary component, as described in section 48-4201, shall be constructed
during the first phase of the project.
D. To qualify for payments under this section, the municipality in which the
multipurpose facility site is located must either obtain voter approval for a local
transaction privilege tax to pay costs associated with a multipurpose facility, or make a
financial commitment by intergovernmental agreement between the municipality and the
district to make direct payments to the district from any lawful source, including
municipal transaction privilege taxes or to expend monies for land, infrastructure or
other improvements directly related to the multipurpose facility or the multipurpose
facility site, by the end of the date referred to in subsection A of this section in an
aggregate amount equal to the amount received by the district pursuant to this section.
E. If the municipality in which the multipurpose facility site is located fails to
satisfy the obligations of the municipality pursuant to subsection D of this section,
then beginning six months after the date referred to in subsection A of this section,
distributions otherwise payable to the municipality pursuant to section 42-5029,
subsection C shall be reduced by an amount equal to the excess of the amount received by
the district pursuant to this section over the amount paid or expended by the
municipality. The amount of the reduction shall be distributed to the district to
satisfy the financial commitment of the municipality pursuant to subsection D of this
section.
F. To comply with the requirements of this section, the county stadium district
board of directors or any city or town that is part of the county stadium district shall
supply the department with all requested information necessary to administer this
section.
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