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Title VI COUNTY, TOWNSHIP AND POLITICAL SUBDIVISION GOVERNMENT

Chapter 67

Effective - 28 Aug 1989 bottom

  67.656.  Regional convention and sports complex fund established — lapse to general revenue prohibited — funding, where. — 1.  A "Regional Convention and Sports Complex Fund", is hereby created.  The regional convention and sports complex fund shall be administered by the authority and used to carry out the provisions of sections 67.650 to 67.658.  The provisions of section 33.080 to the contrary notwithstanding, all moneys in the fund created by this section shall not be transferred and placed to the credit of the general revenue fund at the end of each biennium.

  2.  The regional convention and sports complex fund shall be funded with any rents, fees or charges received by the authority pursuant to any contract, agreement, lease or sublease provided for in subsection 3 of section 67.657.  If the amounts received by the authority and deposited in the regional convention and sports complex fund are insufficient to discharge the obligations incurred in connection with the financing of any facility, the user, tenant or lessee that secured a letter of credit, policy of insurance or guaranty securing payment of any bonds or other indebtedness issued by the authority to fund the construction of such facility, shall deposit such shortfall in the regional convention and sports complex fund at such time or times as are necessary to discharge the authority's obligations.

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(L. 1988 H.B. 1144, A.L. 1989 S.B. 295 & 312)


---- end of effective   28 Aug 1989 ----

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