Convention and exhibition center fund
Sec. 6. (a) As used in this section, "fund" refers to the convention
and exhibition center fund.
(b) As used in this section, "primary capital improvement" means
a capital improvement in the nature of a convention and exhibition
center for which the majority of the money deposited in the fund in
calendar year 1993 was used.
(c) The tax revenues collected by the county treasurer under
section 5 of this chapter shall be deposited quarterly in the
convention and exhibition center fund.
(d) Money in the fund shall be expended by the board of managers
to:
(1) finance, construct, improve, equip, operate, promote, and
maintain any capital improvement in the nature of a convention
and exhibition center;
(2) renovate, equip, operate, and maintain any existing structure
which may be used as a convention and exhibition center;
(3) refund bonds issued for a purpose described in subdivisions
(1) through (2), make lease payments incurred, or retire bonds
issued to finance, construct, improve, or equip a capital project
described in this section;
(4) promote tourism; or
(5) any other purpose described in this section.
(e) The board of managers shall expend money in the fund that is
not used to operate a facility or make payments under a lease
agreement in the following order of priority:
(1) First, to preserve and enhance the physical condition and
economic competitiveness of the primary capital improvement,
including the establishment of reasonable reserves.
(2) Second, for capital improvements to support, supplement, or
enhance the utilization of the primary capital improvement and
for tourism promotion. However, the capital improvements to
which this subdivision applies must be managed directly or
ultimately by the governing body of the primary capital
improvement.
(f) The board of managers is authorized to enter into lease
arrangements with governmental or private agencies for the purpose
of using the facilities for convention, civic, or exhibition activities.
The convention and exhibition center fund may be obligated by the
board of managers and used for the purpose of paying any amount
agreed upon in said lease agreement with governmental or private
agencies.
(g) With respect to obligations to refund or retire bonds or loans
issued or make lease payments incurred for a purpose described in
this section, the general assembly covenants with the holders of these
obligations that:
(1) this chapter will not be repealed or amended in any manner
that will adversely affect the imposition or collection of the
portion of the tax imposed under this chapter that is authorized
to be expended for an obligation; and
(2) this chapter will not be amended in any manner that will
change the purpose for which the revenues from the tax
imposed under this chapter;
as long as the payment of any of those obligations is outstanding.
(Formerly: Acts 1972, P.L.58, SEC.1; Acts 1975, P.L.197, SEC.13.)
As amended by Acts 1980, P.L.62, SEC.2; P.L.97-1983, SEC.6;
P.L.49-1994, SEC.2.
Last modified: May 28, 2006