§206X-10.5 Convention center capital and operations special fund.
(a) There is established in the state treasury the convention center capital and operations special fund, into which shall be deposited:(1) A portion of the revenues from the transient accommodations tax, as provided by section 237D-6.5;
(2) All proceeds from revenue bonds issued by the authority;
(3) Appropriations by the legislature;
(4) All net revenues or moneys derived from the operations or use of the convention center;
(5) All or a portion of all net revenues derived from the operation of parking and garage facilities and other concessions at the convention center; and
(6) All or a portion of all net revenues derived from the food and beverage operations at the convention center facility.
(b) In addition to the powers of the authority specified in section 206X-4, the authority may:
(1) Adopt rules in accordance with chapter 91, to define the term "net revenues or moneys derived from the operations or use of the convention center"; and
(2) Do any and all things deemed necessary to administer the convention center capital and operations special fund.
(c) Moneys in the convention center capital and operations special fund may be placed in interest-bearing accounts or otherwise invested by the authority until such time as the moneys may be needed. All interest accruing from the investment of these moneys shall be credited to the convention center capital and operations special fund.
(d) Moneys in the convention center capital and operations special fund shall be used by the authority for the following purposes:
(1) Planning, design, improvement, construction, land acquisition, equipment, and furnishing necessary for the development or maintenance of a convention center;
(2) Constructing the convention center and any public facilities related thereto;
(3) Payment of debt service on revenue bonds issued by the authority for purposes of the convention center, establishment of debt service and other reserves deemed necessary by the authority or the State, and reimbursement of the state general fund for debt service on general obligation bonds or reimbursable general obligation bonds issued by the State for purposes of the convention center;
(4) Operation, maintenance, and improvement of the convention center and any public facilities related thereto; and
(5) Any other purpose deemed necessary by the authority for the purpose of planning, improving, and developing the convention center facility. [L Sp 1993, c 7, §12; am L 1997, c 124, §6; am L 1999, c 98, §6]