This bill amends the Regional Spaceport District Act to modify the composition of the board overseeing regional spaceport districts and to impose limitations on the issuance of bonds secured by revenue from a county regional spaceport gross receipts tax. The bill stipulates that the county regional spaceport gross receipts tax will only be imposed until the bonds issued are fully discharged. Additionally, it mandates that all revenue from this tax be dedicated solely to the payment of the principal and interest on the bonds issued under the Spaceport Development Act.

Key changes include the requirement that a governmental unit cannot have a majority of membership on the board unless there are three or fewer participating units, in which case representation is based on the amount of gross receipts tax contributed. The bill also clarifies that revenue bonds issued under the Spaceport Development Act, which are secured by the county regional spaceport gross receipts tax, can only be used for financing, planning, designing, engineering, and constructing a spaceport. The provisions of this act will apply to taxes imposed and bonds issued under the Spaceport Development Act starting July 1, 2025.

Statutes affected:
introduced version: 5-16-5, 5-16-7, 7-20E-25, 58-31-9