1. The “State Fair Escrow Fund” is hereby created. Such fund shall be held and maintained by the state fair commission. All ticket sales income pertaining to the Missouri state fair grandstand shows, arena events, and carnival rides shall be deposited into the state fair escrow fund. The fund may receive moneys for specific event purposes, including both off-season and fair events. Such fund may receive gifts, grants, contributions, and funds or benefits from any other source or sources, such as sponsorships and auction proceeds. The money in the state fair escrow fund may be used for paying entertainers, carnival contractors, workers, and other event promoters and may include expenses and equipment.

2. The state fair escrow fund shall be established and operated by the state fair in a separate account and under the direct control of the state fair director and the state fair commission. The provisions of section 30.170 to the contrary notwithstanding, the money in the state fair escrow fund shall be retained outside the control of the state treasury. The provisions of section 33.080 to the contrary notwithstanding, the money in the state fair escrow fund shall be retained for the purposes specified in this section and shall not revert or be transferred to general revenue. The state fair shall keep accurate records of the source of money deposited in the state fair escrow fund and shall allocate funds for the appropriate expenditures.

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3. The unexpended balance in the state fair escrow fund at the end of each calendar year shall not exceed the preceding year’s expenditures as they are described in subsection 1 of this section.