5-834. Facility revenue clearing account
A. The authority shall maintain a facility revenue clearing account in the general fund consisting of:
1. Revenues received from dedicated public funding sources as provided by law.
2. Payments received from leasing, subleasing or renting property owned, leased or controlled by the authority.
3. Revenues received by the authority from admissions, concessions and other proceeds from events held at a multipurpose facility owned or leased by the authority.
4. Gifts, grants and donations received for operating purposes from any public or private source.
5. Proceeds from the sale of any of the authority s property.
6. Financial participation for operating costs received from the county or municipality in which a multipurpose facility owned or leased by the authority is located.
B. On the second Tuesday of each month, the treasurer of the authority shall distribute all monies in the account in the following order of priority:
1. To the debt service account established by section 5-865, an amount equal to one-twelfth of the annual debt service on bonds and other debt obligations of the authority that are secured in whole or in part by and payable from revenues or monies deposited to the facility revenue clearing account, net of deposits to the debt service account pursuant to section 5-835, subsection B, paragraph 1.
2. To the operating account of the authority established by section 5-836, all remaining monies in the facility revenue clearing account.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.