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 provided in the previous taxable year. Additionally, it mandates that the county regional spaceport gross receipts tax be imposed only until the bonds issued are fully discharged, and all revenue from this tax must be dedicated to the payment of the principal and interest on the bonds.

Furthermore, the bill 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 authority is required to irrevocably pledge all revenue from the county tax to ensure the payment of the bonds' principal and interest. 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