Title 5, Amusements and Sports

(Conditionally Rpld.) A. The executive director of the authority is responsible to the authority board for managing, administering and supervising the activities of the authority. B. The executive director shall negotiate, make, execute, acknowledge and perform contracts and othe…

(Conditionally Rpld.) A. The authority may: 1. Acquire land or construct, finance, furnish, improve, market or promote the use of existing or proposed major league baseball spring training facilities that are located in the authority and other structures, utilities, roads, parkin…

(Conditionally Rpld.) A. Except as provided by section 5-1139, the authority shall spend at least ten per cent of its general revenues for the purpose of promoting youth sports and recreation and may: 1. Acquire land or construct, finance, furnish, maintain, improve, operate, mar…

(Conditionally Rpld.) A. A principal or lobbyist or any other person acting on behalf of a principal or lobbyist shall not give a gift to any member of the board of directors or any member or employee of the authority board, and an authority board member or employee shall not acc…

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

(Conditionally Rpld.) A. The members of the authority board 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 financia…

(Conditionally Rpld.) A. Beginning in 2011 and at least every fifth year thereafter, the auditor general shall conduct or cause to be conducted a performance audit, as defined in section 41-1278, of the authority. B. On or before June 30 of the respective year, the auditor genera…

(Conditionally Rpld.) A. Within six weeks after the end of each calendar quarter the authority shall prepare a report signed by the executive director and transmit the report to the governor, the legislature, as provided by section 41-1178, and the joint legislative budget commit…

(Conditionally Rpld.) A. On or before May 31 of each year, the authority board shall hold a public hearing to adopt a budget for the following fiscal year that includes: 1. Receipts during the preceding fiscal year. 2. Expenditures during the preceding fiscal year. 3. Estimates o…

(Conditionally Rpld.) A. The authority 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 authority shall initially be deposited in the general fund. B. The authorit…

(Conditionally Rpld.) A. The qualified electors, by majority vote at an election held pursuant to section 5-1103, may levy and, if levied, the department of revenue shall collect an excise tax on the gross proceeds of sales or gross income from the business of leasing or renting …

(Conditionally Rpld.) A. The qualified electors, by majority vote at an election held pursuant to section 5-1103, may levy and, if levied, the department of revenue shall collect a tax on the gross proceeds of sales or gross income from the business of every person engaging or co…

(Conditionally Rpld.) A. The qualified electors, by majority vote at an election held pursuant to section 5-1103, may levy and, if levied, the department of revenue shall collect a tax on the gross proceeds of sales or gross income from the business of every person engaging or co…

(Conditionally Rpld.) A. The qualified electors, by majority vote at an election held pursuant to section 5-1103, may levy and, if levied, the department of revenue shall collect a tax on the gross proceeds of sales or gross income from persons taxed under title 42, chapter 5 and…

(Conditionally Rpld.) A. The qualified electors, by majority vote at an election held pursuant to section 5-1103, may levy and, if levied, the department of revenue shall collect a tax on the gross proceeds of sales or gross income from the business of every person engaging or co…

(Conditionally Rpld.) A. Unless the context otherwise requires, section 42-6102 governs the administration of the taxes imposed under this article. B. Each month the state treasurer shall transmit the net revenues collected pursuant to this article to the authority for deposit in…

(Conditionally Rpld.) A. If, seventy-two months after the district is established, at least two major league baseball franchises have not executed binding contractual agreements for use of stadiums and other facilities in the district as their exclusive sites for spring training …

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

(Conditionally Rpld.) In this article, unless the context otherwise requires: 1. "Bond" means any obligation authorized and issued pursuant to this article, including: (a) Bonds and notes. (b) Certificates of participation in a lease-purchase or certificates of purchase in a leas…

(Conditionally Rpld.) Bonds issued under this article: 1. Are payable only according to their terms. 2. Are obligations of the authority. 3. Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of …

(Conditionally Rpld.) A. The authority may issue bonds pursuant to this article in a principal amount that is necessary to: 1. Provide sufficient monies for any sports authority purposes. 2. Establish and fully or partially fund any required reserves or sinking accounts. 3. Issue…

(Conditionally Rpld.) A. The authority board shall issue the bonds in the number and amount provided in the resolution. The authority board shall provide published notice within fifteen days to the public and to the district board of directors of its intention to issue bonds. B. …

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

(Conditionally Rpld.) A. If the authority issues bonds under this article, the authority 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 exp…

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

(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 authority for placement in the debt service account are immediately subject to the lien of…

(Conditionally Rpld.) The authority 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 pa…

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

(Conditionally Rpld.) A. The authority board may authorize the authority's fiscal agent to invest monies in the bond proceeds account in the manner prescribed by section 5-1173. B. The order directing an investment shall state a date on which the proceeds from the sale of the bon…

(Conditionally Rpld.) A. The authority board may authorize the authority's fiscal agent to invest and reinvest any monies in the debt service account as provided by section 5-1173. B. The order directing an investment shall state a date on which the monies and other resources in …

(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 authority board in any of the following: 1. United States treasury obligations. 2. Consolidated farm loan bonds. 3. Obligatio…

(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 authority's fiscal agent in financial institutions that the authority board designat…

(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 authority notwithstanding that before the delivery of the bonds any person whose signature appears on the bonds ceases to be an officer of the authority. B. An amendment of any pr…

(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…