The bill amends the State Convention Facility Development Act by updating the distribution of funds from the convention facility development fund. Key changes include the requirement that any remaining funds after certain distributions must be allocated according to specified priorities, with new amounts set for fiscal years 2025 through 2030. For instance, the bill introduces new distribution amounts for operational deficit costs of qualified convention facilities, including $5 million for the fiscal year ending September 30, 2025, and $4 million for the fiscal year ending September 30, 2030. Additionally, it mandates that excess revenue in the fund must be distributed to qualified local governmental units for capital expenditures or the retirement of outstanding debts.

Furthermore, the bill extends the tax imposed by the act until December 31, 2059, or until all obligations issued by a metropolitan authority are retired, whichever comes first. It also includes provisions for the distribution of funds to counties based on liquor tax collections, ensuring that these distributions are calculated with updated language that emphasizes the necessity of these allocations. Overall, the bill aims to provide clearer guidelines for fund distribution while addressing the financial impacts of the COVID-19 pandemic on convention facilities.

Statutes affected:
House Introduced Bill: 207.630, 207.640