Texas Local Government Code 334.042 – Venue Project Fund
Current as of: 2024 | Check for updates
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(a) A municipality or county in which an approved venue project is located shall establish by resolution a fund known as the venue project fund. The municipality or county shall establish separate accounts within the fund for the various revenue sources.
(b) The municipality or county shall deposit into the venue project fund:
(1) the proceeds of any tax imposed by the municipality or county under this chapter;
(2) all revenue from the sale of bonds or other obligations by the municipality or county under this chapter; and
(3) any other money required by law to be deposited in the fund.
Terms Used In Texas Local Government Code 334.042
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Property: means real and personal property. See Texas Government Code 311.005
- Venue: The geographical location in which a case is tried.
(c) The municipality or county may deposit into the venue project fund:
(1) money received by the municipality or county from innovative funding concepts such as the sale or lease of luxury boxes or the sale of licenses for personal seats;
(2) any other revenue received by the municipality or county from the approved venue project, including stadium rental payments and revenue from concessions and parking;
(3) if the revenue is not otherwise dedicated, all or a portion of any revenue the municipality or county receives from bonuses, delay rentals, royalties, and any other payments the municipality or county receives as the owner of oil, gas, and other mineral interests;
(4) if the revenue is not otherwise dedicated, all or a portion of any revenues the municipality or county receives from the fees, payments, or charges imposed by:
(A) a joint operating board to which a municipality or county is a party; or
(B) a nonprofit corporation created by and acting on behalf of a county or municipality; and
(5) any other revenue the municipality by ordinance or the county by order determines is appropriate for use in financing a venue project and related infrastructure.
(d) The municipality or county may use money in the venue project fund to:
(1) reimburse or pay the costs of planning, acquiring, establishing, developing, constructing, or renovating one or more approved venue projects in the municipality or county;
(2) pay the principal of, interest on, and other costs relating to bonds or other obligations issued by the municipality or county or to refund bonds, notes, or other obligations; or
(3) pay the costs of operating or maintaining one or more approved venue projects.
(e) Money deposited into the venue project fund, including money deposited under Subsection (c), is the property of the municipality or county depositing the money.