Arizona Laws 5-835. Tourism revenue clearing account
A. The authority shall maintain a tourism revenue clearing account within the general fund consisting of monies transmitted to the authority by the state treasurer pursuant to sections 5-839 and 5-840. On the second Tuesday of each month, the treasurer of the authority shall distribute all monies in the account as provided by this section.
Terms Used In Arizona Laws 5-835
- Authority: means the tourism and sports authority. See Arizona Laws 5-801
- 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.
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Multipurpose facility: means any facility that is suitable to be used to accommodate professional football franchises, major college football bowl sponsors, other sporting events and entertainment, cultural, civic, meeting, trade show or convention events or activities and may include a stadium, on-site infrastructure, parking garages and lots and related commercial uses within the facility. See Arizona Laws 5-801
B. For as long as the authority owes debt service on bonds or other debt obligations payable from revenues or monies deposited in the tourism revenue clearing account, the treasurer shall distribute all monies in the account in the following order of priority:
1. To the debt service account established by section 5-865, an amount equal to one-twelfth of the annual debt service on bonds and other debt obligations issued by the authority for not more than one-half of three hundred thirty-one million dollars of the capital costs associated with constructing the multipurpose facility, plus interest earned on any monies escrowed before payment to the debt service account, amortized over a thirty year repayment term and that are secured in whole or in part by and payable from revenues or monies deposited in the tourism revenue clearing account, or a lesser amount as determined by the authority.
2. To the tourism fund established by section 41-2306, an amount equal to one-twelfth of four million dollars over the first twelve months of distribution, increased in each subsequent twelve month period by an additional five per cent over the preceding twelve months’ distribution.
3. To the cactus league promotion account established by section 5-837, an amount equal to:
During the first eighty-four months $250,000 per month
During the eighty-fifth through one
hundred twentieth months $333,333 per month
During the one hundred twenty-first through
one hundred forty-fourth months $500,000 per month
During the one hundred forty-fifth through
one hundred ninety-second months $583,333 per month
During the one hundred ninety-third through
two hundred fortieth months $666,667 per month
During the two hundred forty-first through
two hundred eighty-eighth months $750,000 per month
During the two hundred eighty-ninth through
three hundred twelfth months $833,333 per month
During the three hundred thirteenth through
three hundred sixtieth months $916,667 per month
4. To the youth and amateur sports facilities account established by section 5-838, an amount equal to one-twelfth of one million dollars over the first twelve months of distribution, increased in each subsequent twelve month period by an additional one hundred thousand dollars over the prior twelve months’ distribution.
5. To the operating account established by section 5-836, an amount equal to one-twelfth of the authority’s adopted budget for the period for the purposes set forth in section 5-836, subsection B, paragraphs 1 and 2.
6. To the youth and amateur sports facilities reserve established by section 5-838, subsection B, an amount required to be distributed pursuant to paragraph 4 during the preceding fiscal year to the youth and amateur sports facilities account established by section 5-838, subsection A, less any amount on deposit in the youth and amateur sports facilities reserve.
7. To the operating account established by section 5-836, any monies remaining unallocated each month.
C. After all bonds and other debt obligations of the authority that are secured in whole or in part by and payable from revenues or monies deposited in the tourism revenue clearing account are redeemed or fully provided for, the treasurer of the authority shall distribute all monies remaining in the account after the distributions provided for by subsection B, paragraphs 2, 3 and 4 of this section, and after the authority’s repair and replacement requirements are funded pursuant to section 5-836, subsection C, paragraph 2, as follows:
1. Seventy per cent to the tourism fund established by section 41-2306.
2. Thirty per cent to the cactus league promotion account established by section 5-837.