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 board must include at least one director from each governmental unit that is a member of the district, with a maximum of four directors from each unit based on the amount of gross receipts tax contributed. Additionally, it mandates that all revenue from the county regional spaceport gross receipts tax be dedicated solely to the payment of the principal and interest on bonds issued under the Spaceport Development Act.

Furthermore, the bill establishes that the county regional spaceport gross receipts tax will only be imposed until the bonds are fully discharged. It also clarifies that revenue bonds issued under the Spaceport Development Act, which are secured by this 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