A. The major events fund is established consisting of monies appropriated to the fund by the legislature and private donations. The authority shall administer the fund. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. Monies in the fund may be used:

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1. To support the planning and operation of the competitive bid process for major events in coordination with the office of tourism, destination marketing organizations and local organizing committees.

2. To negotiate and make grants to local organizing committees or equivalent organizations for the operating costs of major events. Monies may not be used to supplant routine operating expenses of any political subdivision of this state. The grant for an event may not be more than twenty-five percent of the operating expenditures required under the event support contract between the host organization and the local organizing committee or equivalent organization.

3. For other economic development activities associated with major event operations.

B. Before awarding a grant pursuant to subsection A, paragraph 2 of this section, the authority shall prepare a written statement signed by the chief executive officer that assesses the direct economic impact of the grant and contains a finding that the award of the grant is in the best interest of this state.

C. The authority shall submit a semiannual report to the joint legislative budget committee and the governor’s office of strategic planning and budgeting on or before July 15 and December 15 of each year. Each report shall include, at a minimum, the amount of actual expenditures from the fund by purpose and an expenditure plan for all remaining monies by purpose.