Tex.
Local Gov't Code Section 335.072
Venue Project Fund
(a)
A district in which an approved venue project is located shall establish by resolution a fund known as the venue project fund. The district shall establish separate accounts within the fund for the various revenue sources.(b)
The district shall deposit into the venue project fund:(1)
the proceeds from any tax imposed by the district;(2)
all revenue from the sale of bonds or other obligations by the district;(3)
money received under Section 335.075 (Contribution or Dedication of Certain Revenue by Political Subdivision) from a political subdivision that created the district; and(4)
any other money required by law to be deposited in the fund.(c)
The district may deposit into the venue project fund:(1)
money received by the district from innovative funding concepts such as the sale or lease of luxury boxes or the sale of licenses for personal seats; and(2)
any other revenue received by the district from the approved venue project, including stadium rental payments and revenue from concessions and parking.(d)
The district may use money in the venue project fund to:(1)
reimburse or pay the costs of planning, acquiring, establishing, developing, constructing, or renovating one or more approved venue projects in the district;(2)
pay the principal of, interest on, and other costs relating to bonds or other obligations issued by the district or to refund bonds or other obligations; or(3)
pay the costs of operating or maintaining one or more approved venue projects.(e)
Money deposited into the venue project fund, including money deposited under Subsection (c), is the property of the district depositing the money.
Source:
Section 335.072 — Venue Project Fund, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.335.htm#335.072 (accessed Apr. 29, 2024).
