17-78-707. Payment to Stay Another Day and Bounce Back Fund and Hotel Impact Mitigation Fund.
A county in which a qualified hotel, as defined in Section, is located shall:
(1) make an annual payment to the Division of Finance: for deposit into the Stay Another Day and Bounce Back Fund, established in Section; 63N-2-511 for any year in which the Governor's Office of Economic Development provides a convention incentive, as defined in Section; and 63N-2-502 in the amount of 5% of the state portion, as defined in Section; and 63N-2-502
(2) make payments to the Division of Finance: for deposit into the Hotel Impact Mitigation Fund, created in Section; 63N-2-512 for each year described in Subsectionduring which the balance of the Hotel Impact Mitigation Fund, defined in Section, is less than $2,100,000 before any payment for that year under Subsection; and 63N-2-512(5) 63N-2-512 63N-2-512(5) in the amount of the difference between $2,100,000 and the balance of the Hotel Impact Mitigation Fund, defined in Section, before any payment for that year under Subsection. 63N-2-512 63N-2-512(5)