63M-1-2203 - Transient Room Tax Fund -- Source of revenues -- Interest -- Expenditure or pledge of revenues.
63M-1-2203. Transient Room Tax Fund -- Source of revenues -- Interest --Expenditure or pledge of revenues.
(1) There is created a restricted special revenue fund known as the Transient Room TaxFund.
(2) (a) The fund shall be funded by the portion of the sales and use tax described inSubsection 59-12-301(2).
(b) (i) The fund shall earn interest.
(ii) Any interest earned on fund money shall be deposited into the fund.
(3) (a) Subject to Subsection (3)(b), the director shall expend or pledge the moneydeposited into the fund:
(i) to mitigate the impacts of traffic and parking relating to a convention facility within acounty of the first class;
(ii) for a purpose listed in Section 17-31-2, except that any requirements in Section17-31-2 for the expenditure of money do not apply; or
(iii) for a combination of Subsections (3)(a)(i) and (ii).
(b) The director may not expend more than $20,000,000 in total to mitigate the impactsof traffic and parking relating to a convention facility within a county of the first class.
Renumbered and Amended by Chapter 382, 2008 General Session