(a) Subject to § 476.0104, the endorsing municipality shall deposit to the trust fund the amount of the municipality’s hotel occupancy tax revenue determined under § 476.0051(a)(3). The endorsing municipality shall deposit the hotel occupancy tax revenue to the trust fund at least quarterly.
(b) To guarantee the joint obligations of this state and the endorsing municipality under a games support contract and this subtitle, the comptroller, at the direction of the office, shall retain the amount of municipal sales and use tax revenue determined under § 476.0051(a)(2) from the amounts otherwise required to be sent to the municipality under § 321.502, Tax Code, and, subject to § 476.0104, deposit the retained tax revenue to the trust fund.

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Terms Used In Texas Government Code 476.0102


(c) The comptroller shall begin retaining the municipal sales and use tax revenue with the first distribution of that tax revenue that occurs after the date the office makes the determination under § 476.0051(a)(2).
(d) The comptroller shall discontinue retaining the municipal sales and use tax revenue on the earlier of:
(1) the end of the third calendar month following the month in which the closing event of the games occurs; or
(2) the date the amount of municipal sales and use tax revenue and municipal hotel occupancy tax revenue in the trust fund equals 14 percent of the maximum amount of municipal and state tax revenue that may be transferred or deposited to the trust fund under § 476.0104.