Utah Code 63N-3-403. Transient Room Tax Fund — Source of revenues — Interest — Expenditure or pledge of revenues
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(1) There is created a fiduciary fund held by the state in a purely custodial capacity known as the Transient Room Tax Fund.
Terms Used In Utah Code 63N-3-403
- Executive director: means the executive director of the office. See Utah Code 63N-1a-102
- Fiduciary: A trustee, executor, or administrator.
- fund: means the Transient Room Tax Fund created by Section 63N-3-403. See Utah Code 63N-3-402
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)
(2)(a) The fund shall be funded by the portion of the sales and use tax described in Subsection 59-12-301 (2).
(2)(b)
(2)(b)(i) The fund shall earn interest.
(2)(b)(ii) Any interest earned on fund money shall be deposited into the fund.
(3)
(3)(a) Subject to Subsection (3)(b), the executive director shall expend or pledge the money deposited into the fund:
(3)(a)(i) to mitigate the impacts of traffic and parking relating to a convention facility within a county of the first class;
(3)(a)(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
(3)(a)(iii) for a combination of Subsections (3)(a)(i) and (ii).
(3)(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.