13-3108 State Treasurer; duties; Sports Arena Facility Support Fund; created; investment; state assistance; use.
13-3108. State Treasurer; duties; Sports ArenaFacility Support Fund; created; investment; state assistance; use.(1) Upon theannual certification under section 13-3107, the State Treasurer shall transferafter the audit the amount certified to the Sports Arena Facility SupportFund which is hereby created. Any money in the fund available for investmentshall be invested by the state investment officer pursuant to the NebraskaCapital Expansion Act and the Nebraska State Funds Investment Act.(2)(a) It isthe intent of the Legislature to appropriate from the fund money to be distributedto any political subdivision for which an application for state assistanceunder the Sports Arena Facility Financing Assistance Act has been approvedan amount not to exceed seventy percent of the (i) state sales tax revenuecollected by retailers doing business at eligible sports arena facilitieson sales at such facilities, (ii) state sales tax revenue collected on primaryand secondary box office sales of admissions to such facilities, and (iii)new state sales tax revenue collected by nearby retailers and sourced undersections 77-2703.01 to 77-2703.04 to a location within six hundred yards ofthe eligible facility.(b)The amount to be appropriated for distribution as state assistance to a politicalsubdivision under this subsection for any one year after the tenth year shallnot exceed the highest such amount appropriated under subdivision (2)(a) ofthis section during any one year of the first ten years of such appropriation.If seventy percent of the state sales tax revenue as described in subdivision(2)(a) of this section exceeds the amount to be appropriated under this subdivision,such excess funds shall be transferred to the General Fund.(3) The totalamount of state assistance approved for an eligible sports arena facilityshall not (a) exceed fifty million dollars or (b) be paid out for more thantwenty years after the issuance of the first bond for the sports arena facility.(4) State assistanceto the political subdivision shall no longer be available upon the retirementof the bonds issued to acquire, construct, improve, or equip the facilityor any subsequent bonds that refunded the original issue or when state assistancereaches the amount determined under subsection (3) of this section, whichevercomes first.(5) State assistance shall not be used for an operating subsidyor other ancillary facility.(6) The thirty percent of state sales tax revenue remaining afterthe appropriation and transfer in subsection (2) of this section shall beappropriated by the Legislature to the Local Civic, Cultural, and ConventionCenter Financing Fund.(7) Any municipality that has applied for and received a grant ofassistance under the Local Civic, Cultural, and Convention Center FinancingAct shall not receive state assistance under the Sports Arena Facility FinancingAssistance Act. SourceLaws 2010, LB779, § 14.Operative Date: July 1, 2010 Cross ReferencesLocal Civic, Cultural, and Convention Center Financing Act, see section 13-2701.Nebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.