5-834. Facility revenue clearing account
A. The authority shall maintain a facility revenue clearing account in the general fund consisting of:
1. Revenues received from dedicated public funding sources as provided by law.
2. Payments received from leasing, subleasing or renting property owned, leased or controlled by the authority.
3. Revenues received by the authority from admissions, concessions and other proceeds from events held at a multipurpose facility owned or leased by the authority.
4. Gifts, grants and donations received for operating purposes from any public or private source.
5. Proceeds from the sale of any of the authority's property.
6. Financial participation for operating costs received from the county or municipality in which a multipurpose facility owned or leased by the authority is located.
B. On the second Tuesday of each month, the treasurer of the authority 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 of the authority that are secured in whole or in part by and payable from revenues or monies deposited to the facility revenue clearing account, net of deposits to the debt service account pursuant to section 5-835, subsection B, paragraph 1.
2. To the operating account of the authority established by section 5-836, all remaining monies in the facility revenue clearing account.Section: Previous 5-812 5-813 5-814 5-815 5-831 5-832 5-833 5-834 5-835 5-836 5-837 5-838 5-839 5-840 5-841 Next
Last modified: October 13, 2016