(a) The portion of the revenue received by the municipality from the tax, as is designated by the resolution of the municipality enacting the levy of tax set forth in this part, shall be deposited into a fund entitled the “qualified public use facility development fund,” which shall be used:

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Terms Used In Tennessee Code 67-4-3005

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Municipality: means any incorporated city or county located in this state. See Tennessee Code 67-4-3002
  • Public authority: means any agency, authority or instrumentality described by §. See Tennessee Code 67-4-3002
  • public use facility: means :
    (A) A building, complex, center, or facility described by §. See Tennessee Code 67-4-3002
  • Sale: includes a transaction whereby the possession of property is transferred but the seller retains title as security for the payment of the price. See Tennessee Code 67-4-3002
  • Sales: means all gross receipts of the taxpayer not allocated under this part. See Tennessee Code 67-4-2004
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) As set forth in § 7-88-106, if such qualified public use facility is described in § 67-4-3002(7)(A), for the purpose of paying the cost of the qualified public use facility and the costs of bonded indebtedness, principal and interest, including expenses of the bond sale or sales, incurred by the municipality or public authority in financing, acquiring, constructing, leasing, equipping, and renovating a qualified public use facility. The remaining revenue shall be deposited in the general fund of the municipality; or
(2) As set forth in this section, if such qualified public use facility is described in § 67-4-3002(7)(B) or (7)(C), for the purpose of paying the cost of the qualified public use facility and the costs of bonded indebtedness, principal and interest, including expenses of the bond sale or sales, incurred by the municipality or public authority in financing, acquiring, constructing, leasing, equipping, and renovating a qualified public use facility. The remaining revenue shall be deposited in the general fund of the municipality.
(b) If, at the close of any fiscal year, the revenue from the tax is not sufficient to meet the total debt service of the municipality or public authority for bonded indebtedness incurred for the qualified public use facility, the balance, if any, of the debt service not paid by revenue from the tax at the end of the fiscal year shall be accumulated in a separate deficit account that shall bear simple interest at the same rate as the bonds issued by each governmental entity for construction of the qualified public use facilities. If the municipality or public authority has not incurred bonded indebtedness for the qualified public use facility and at the close of any fiscal year, the revenue from the tax is not sufficient to meet the total cost of the qualified public use facility, then the balance, if any, of the cost not paid by revenue from the tax at the end of the fiscal year shall be accumulated in a separate deficit account.
(c) If the revenue from the tax in any fiscal year exceeds the total of the debt service requirements or the total cost of the qualified public use facility for that year, the surplus revenue thus accruing shall be retained by the municipality as a sinking fund for any future debt service requirements or future cost of the qualified public use facility or, alternatively, the surplus may be applied to the reduction of the deficit accounts of the municipality.
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