Texas § TX.351.1064 - ALLOCATION OF REVENUE FOR CERTAIN SPORTING EVENT EXPENSES

§ TX.351.1064. ALLOCATION OF REVENUE FOR CERTAIN SPORTING EVENT EXPENSES

ALLOCATION OF REVENUE FOR CERTAIN SPORTING EVENT EXPENSES: CERTAIN MUNICIPALITIES WITH QUALIFIED PROJECT. (a) This section applies only to a municipality with a population of 200,000 or more but less than 300,000 that contains a component institution of the Texas Tech University System. (b) A municipality that uses revenue derived from the tax imposed under this chapter or funds received under Section 351.156 for repayment of bonds, other obligations, or contractual obligations issued or incurred for a qualified project under Section 351.155 may not, in a fiscal year that begins after the qualified project is complete and during any part of which the bonds, other obligations, or contractual obligations are outstanding, reduce the amount of revenue derived from the tax imposed under this chapter and allocated for a purpose described by Section 351.101 (a)(6) to an amount that is less than the sum of: (1) the amount of the revenue derived from the tax imposed under this chapter and allocated by the municipality for a purpose described by Section 351.101 (a)(6) during the fiscal year beginning October 1, 2016; and (2) three percent of the amount of revenue derived from the tax imposed under this chapter during the fiscal year for which the amount required by this subsection is being determined. Redesignated and amended by Acts 2019, 86th Leg., R.S., Ch. 952 (H.B. 4347 ), Sec. 4, eff. September 1, 2019.