Title 48 — Special Taxing Districts

(Conditionally Rpld.) In this chapter, unless the context otherwise requires: 1. "Board" means the board of directors of a district. 2. "District" means a theme park district established pursuant to this chapter. 3. "Site host" means a city or county. 4. "Theme park": (a) Means a…

(Conditionally Rpld.) A. The governing bodies of a city with a population of more than five hundred thousand persons and a county with a population of more than one hundred twenty-five thousand persons and in which the city is entirely located or the governing body of a city with…

(Conditionally Rpld.) A. The district is governed by a board of directors consisting of the following members: 1. For a district that is formed by a city and a county, one member of the governing body of the city participating in establishing the district, elected by the governin…

(Conditionally Rpld.) A. The board of directors, on behalf of the district, may: 1. Adopt and use a corporate seal. 2. Sue and be sued. 3. Enter into contracts, including intergovernmental agreements under title 11, chapter 7, article 3, as necessary to carry out the purposes and…

(Conditionally Rpld.) A. The directors of the district are subject to title 38, chapter 3, article 8, relating to conflicts of interest, including the penalties prescribed by section 38-510. B. A member of the board of directors shall not have any direct or indirect financial int…

(Conditionally Rpld.) A. The district may provide for the construction, financing, furnishing and maintenance of one or more contiguous theme parks that shall be located only in the city establishing the district, or if a city does not participate in establishing the district, th…

(Conditionally Rpld.) The district, through the board of directors, may: 1. Approve contractors and architects to construct facilities, unless an architect will be employed directly by a contractor. 2. Negotiate agreements with the contractor and architect, unless the architect w…

(Conditionally Rpld.) A. The district may locate any of its facilities on real property leased from one or more site hosts. The district may negotiate agreements with site hosts, including intergovernmental agreements pursuant to title 11, chapter 7, article 3 if a site host is a…

(Conditionally Rpld.) Subject to the requirements of title 4, the board may permit or prohibit the sale, use and consumption of alcoholic beverages on property acquired, leased or subleased under this chapter.

(Conditionally Rpld.) A. On or before June 30 of each year, the board shall hold a public hearing to adopt a budget for the following fiscal year that includes: 1. District receipts during the preceding fiscal year. 2. Expenditures during the preceding fiscal year. 3. Estimates o…

(Conditionally Rpld.) A. The district shall maintain a general fund and may establish accounts and subaccounts within the general fund as necessary and convenient. All revenues and monies received by the district shall be deposited in the general fund. B. The district may invest …

(Conditionally Rpld.) A. The district shall levy a transaction privilege tax on business activity in the district that is subject to taxation under title 42, chapter 5. The tax shall be levied at up to a maximum rate of nine percent of the gross proceeds of sales or gross income …

(Conditionally Rpld.) A. The board may provide for voluntary payments of money to taxing jurisdictions in which district property is located in lieu of taxes otherwise levied by those jurisdictions. B. If the board elects to make direct payments under this section to any taxing j…

(Conditionally Rpld.) A. The board shall cause an annual audit to be conducted of the district's funds, accounts and subaccounts by an independent certified public accountant within one hundred twenty days after the end of the fiscal year. B. The board shall immediately file a ce…

(Conditionally Rpld.) A. The auditor general shall conduct a performance audit as defined in section 41-1278 of the district and its operations, which shall be completed not more than three hundred months after the date of the initial issuance of bonds authorized by section 48-62…

(Conditionally Rpld.) In this article, unless the context otherwise requires: 1. "Bond related expenses" means any expenses incurred by the district to issue and administer its bonds, including underwriting fees and costs, trustee fees, financial consultant fees, printing and adv…

(Conditionally Rpld.) A. Subject to subsections D and E of this section, the district may issue negotiable revenue bonds pursuant to this article in a principal amount that is necessary to: 1. Provide sufficient monies for theme park purposes. The board may segregate any theme pa…

(Conditionally Rpld.) A. The board shall issue the bonds in the number and amount provided in the resolution. The board shall provide notice of its intention to issue bonds in a manner consistent with market practice. B. The bonds may be sold by competitive public sale, through a…

(Conditionally Rpld.) A. If the district issues bonds under this article, the board shall establish a bond proceeds account within the general fund consisting of monies received from the sale of the bonds. B. The district may use monies in the bond proceeds account only for theme…

(Conditionally Rpld.) A. If the district issues bonds under this article, the board shall establish a debt service account within the general fund consisting of monies designated and dedicated by the board for repayment of the bonds and payment of costs and related expenses assoc…

(Conditionally Rpld.) In connection with issuing bonds authorized by this article and to secure the principal and interest on the bonds, the board by resolution may: 1. Pledge for the payment of principal and interest on the bonds all or part of the revenues and other monies rece…

(Conditionally Rpld.) A. Any pledge made under this article is valid and binding from the time when the pledge is made. B. The monies pledged to the holders of the bonds and received by the district for placement in the debt service account are immediately subject to the lien of …

(Conditionally Rpld.) The board may purchase bonds for cancellation, using any available monies, at a price not exceeding the following: 1. If the bonds are redeemable at the time of purchase, the applicable redemption price plus accrued interest to the next interest payment date…

(Conditionally Rpld.) A. The bonds shall be paid solely from monies in the debt service account. B. The members of the board and any persons who execute the bonds are not personally liable for the payment of the bonds. C. The fiscal agent of the district shall cancel all bonds wh…

(Conditionally Rpld.) A. If a balance remains in the bond proceeds account after all acquisition, construction and related costs have been paid: 1. The board shall credit the balance to repay any other outstanding indebtedness of the district. 2. If the district has no outstandin…

(Conditionally Rpld.) A. The board may authorize the district fiscal agent to invest monies in the bond proceeds account in the manner prescribed by section 48-6283. B. The order directing an investment shall state a date on which the proceeds from the sale of the bonds will be n…

(Conditionally Rpld.) A. The board may authorize the district fiscal agent to invest and reinvest any monies in the debt service account as provided by section 48-6283. B. The order directing an investment shall state a date on which the monies and other resources in the debt ser…

(Conditionally Rpld.) A. The monies in either the bond proceeds account or the debt service account may be invested and reinvested at the direction of the board in any of the following: 1. United States treasury obligations. 2. Consolidated farm loan bonds. 3. Obligations issued …

(Conditionally Rpld.) A. Monies derived from selling bonds under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds shall be deposited by the district fiscal agent in financial institutions that the board designates and that a…

(Conditionally Rpld.) A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code, subject only to any provisions for registration, regardless of whether the bonds actually constitute negotiable instruments under …

(Conditionally Rpld.) A. Bonds issued under this article remain valid and binding obligations of the district notwithstanding that before the delivery of the bonds any person whose signature appears on the bonds ceases to be an officer of the district. B. An amendment of any prov…

(Conditionally Rpld.) A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authoriz…