42-5030. Transfers to the Arizona convention center development fund; distributions

A. At the same time as the first distributions each fiscal year pursuant to section 42-5029, the department shall credit to the Arizona convention center development fund established by title 9, chapter 6, article 1 the amounts determined pursuant to this section.

B. The department shall credit twenty million dollars in each fiscal year until a certification of completion of construction is filed with the state treasurer pursuant to section 9-622. In each fiscal year thereafter, the department shall credit the amounts computed pursuant to subsection C of this section to the Arizona convention center development fund for each eligible project as described in section 9-605.

C. The amount distributed pursuant to subsection B of this section shall be computed by dividing the total cost of the eligible project not funded from municipal sources as identified in the certificate of completion of construction filed pursuant to section 9-622 by three hundred million and multiplying the quotient by the following amounts:

1. In the first fiscal year, twenty-five million dollars.

2. In the second fiscal year, thirty million dollars.

3. In the third fiscal year, thirty-five million dollars.

4. In the fourth fiscal year, forty million dollars.

5. In the fifth fiscal year and each of the next thirty fiscal years, the amount distributed in the preceding fiscal year plus one million dollars, except that the amount distributed shall not exceed sixty million dollars in any fiscal year.

D. If the chief financial officer of the eligible city certifies to the state treasurer pursuant to section 9-602 that no additional distributions are required from the Arizona convention center development fund for an eligible project, the department shall make no further transfers to the fund for that project.

42-5030. Transfers to the Arizona convention center development fund; distributions

A. At the same time as the first distributions each fiscal year pursuant to section 42-5029, the department shall credit to the Arizona convention center development fund established by title 9, chapter 6, article 1 the amounts determined pursuant to this section.

B. The department shall credit twenty million dollars in each fiscal year until a certification of completion of construction is filed with the state treasurer pursuant to section 9-622. In each fiscal year thereafter, the department shall credit the amounts computed pursuant to subsection C of this section to the Arizona convention center development fund for each eligible project as described in section 9-605.

C. The amount distributed pursuant to subsection B of this section shall be computed by dividing the total cost of the eligible project not funded from municipal sources as identified in the certificate of completion of construction filed pursuant to section 9-622 by three hundred million and multiplying the quotient by the following amounts:

1. In the first fiscal year, twenty-five million dollars.

2. In the second fiscal year, thirty million dollars.

3. In the third fiscal year, thirty-five million dollars.

4. In the fourth fiscal year, forty million dollars.

5. In the fifth fiscal year and each of the next thirty fiscal years, the amount distributed in the preceding fiscal year plus one million dollars, except that the amount distributed shall not exceed sixty million dollars in any fiscal year.

D. If the chief financial officer of the eligible city certifies to the state treasurer pursuant to section 9-602 that no additional distributions are required from the Arizona convention center development fund for an eligible project, the department shall make no further transfers to the fund for that project.