63N-3-403. Transient Room Tax Fund — Source of revenues — Interest — Expenditure or pledge of revenues.
| (1) |
There is created an expendable special revenue fund known as the Transient Room Tax Fund. |
| (2) |
| (a) |
The fund shall be funded by the portion of the sales and use tax described in Subsection 59-12-301(2). |
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| (b) |
| (i) |
The fund shall earn interest. |
| (ii) |
Any interest earned on fund money shall be deposited into the fund. |
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| (3) |
| (a) |
Subject to Subsection (3)(b), the executive director shall expend or pledge the money deposited into the fund:
| (i) |
to mitigate the impacts of traffic and parking relating to a convention facility within a county of the first class; |
| (ii) |
for a purpose listed in Section 17-31-2, except that any requirements in Section 17-31-2 for the expenditure of money do not apply; or |
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| (b) |
The executive director may not expend more than $20,000,000 in total to mitigate the impacts of traffic and parking relating to a convention facility within a county of the first class. |
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Renumbered and Amended by Chapter 283, 2015 General Session
