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