The bill amends the State Fairgrounds District Act to authorize the issuance of bonds secured by the state gross receipts tax distribution and the gaming tax distribution. Specifically, it allows the district to issue bonds not exceeding ninety-two million dollars ($92,000,000) in net proceeds, as part of a larger authorization of five hundred million dollars ($500,000,000). The bonds will be secured by a portion of the gross receipts tax and gaming tax distributions, which are pledged to cover the principal and interest on the bonds.

Additionally, the bill updates the short title of the act to be cited as the "State Fairgrounds District Act," replacing the previous reference to sections of the act. This legislative change aims to provide financial support for the State Fairgrounds District through the issuance of bonds, thereby facilitating funding for projects within the district.

Statutes affected:
introduced version: 6-35-1