Title GV, Government Code

Sec. 477.0053. DESIGNATION OF MARKET AREA. (a) For purposes of Section 477.0051(a)(1), the office shall designate as a market area for the games each area in which the office determines there is a reasonable likelihood of measurable economic impact directly attributable to the pr…

Sec. 477.0054. ESTIMATE OF TAX REVENUE CREDITED TO TRUST FUND. (a) Before August 31 of the year that is 12 years before the year the games would be held in this state, or as soon as practicable after that date, the office shall provide an estimate of the total amount of municipal…

Sec. 477.0101. OLYMPIC GAMES TRUST FUND. The Olympic Games trust fund is established outside the treasury. The trust fund is held in trust by the comptroller for the administration of this subtitle. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1…

Sec. 477.0102. DEPOSIT OF MUNICIPAL AND COUNTY TAX REVENUE. (a) Subject to Section 477.0104, each endorsing municipality or endorsing county shall remit to the comptroller and the comptroller, at the direction of the office, quarterly shall deposit to the trust fund the amount of…

Sec. 477.0103. STATE TAX REVENUE. (a) At the time the comptroller deposits to the trust fund the municipal and county tax revenue under Section 477.0102(b), the comptroller shall transfer to the trust fund the state tax revenue determined under Section 477.0051(a)(1) for the quar…

Sec. 477.0104. LIMITATION ON TRANSFERS AND DEPOSITS TO TRUST FUND. The total amount of municipal, county, and state tax revenue transferred or deposited to the trust fund may not exceed $100 million. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April …

Sec. 477.0151. DISBURSEMENT WITHOUT APPROPRIATION. Money in the trust fund may be spent by the office without appropriation only as provided by this subtitle. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1, 2021.

Sec. 477.0152. DISBURSEMENT FROM TRUST FUND. (a) The office may make a disbursement from the trust fund only if the office certifies that the disbursement is for a purpose for which this state and each endorsing municipality and endorsing county are jointly obligated under a game…

Sec. 477.0153. ALLOWABLE EXPENSES. The office may use money in the trust fund only to fulfill joint obligations of this state and each endorsing municipality and endorsing county to a site selection organization under a games support contract or another agreement providing assura…

Sec. 477.0154. PROHIBITED DISBURSEMENT. The office may not make a disbursement from the trust fund that the office determines would be used to solicit the relocation of a professional sports franchise located in this state. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174)…

Sec. 477.0155. TRANSFER AND REMITTANCE OF REMAINING TRUST FUND MONEY. (a) Two years after the closing event of the games, the office shall transfer to the general revenue fund the amount of state revenue remaining in the trust fund plus any interest earned on that state revenue. …

Sec. 477.0201. REQUIRED INFORMATION. (a) A local organizing committee shall provide information required by the office to fulfill the office's duties under this subtitle, including: (1) annual audited statements of any committee financial records required by a site selection orga…

Sec. 477.0202. PLEDGE OF SURCHARGES TO GUARANTEE OBLIGATIONS. An endorsing municipality or endorsing county may guarantee its obligations under a games support contract and this subtitle by pledging, in addition to sales and use tax revenue, mixed beverage tax revenue, and hotel …

Sec. 477.0203. MUNICIPAL OR COUNTY ELECTION. (a) An endorsing municipality or endorsing county must hold an election in the municipality or county to determine whether the municipality or county may contribute a portion of its sales and use taxes to the trust fund under this chap…

Sec. 477.0251. LIMITATION AMOUNTS. The joint liability of this state and an endorsing municipality or endorsing county under a joinder agreement and any other games support contracts entered into under this subtitle may not exceed the lesser of: (1) $100 million; or (2) the total…