Sec. 30.5. (a) If a motorsports investment district is established under this chapter, the commission shall establish a motorsports facility fund for the motorsports investment district.
(b) During the term of the written agreement entered into by:
(1) the owner or owners of the qualified motorsports facility;
(2) the authority; and
(3) the commission;
the commission shall, in each state fiscal year, deposit in the motorsports facility fund two million dollars ($2,000,000) solely from payments established under section 37(f)(1) of this chapter.
(c) Subject to subsection (e), the commission, or the authority for and on behalf of the commission, shall request that the general assembly make an appropriation to the commission in each state fiscal year in which the written agreement described in subsection (b) is in effect. The amount of the requested appropriation must be equal to the amount that the commission is required to deposit into the motorsports facility fund under subsection (b) for that state fiscal year. An appropriation made to the commission under this subsection:
(1) must be deposited in the motorsports investment district fund established under section 30 of this chapter; and
(2) is in addition to an amount appropriated under section 30 of this chapter.
(d) In addition, to the extent the rent due in a state fiscal year under leases of structures or other capital improvements that are within a motorsports investment district, plus the appropriation requested under section 30(e) of this chapter, are anticipated to be insufficient to pay debt service on bonds issued under section 37 of this chapter, when due in that state fiscal year, the authority shall make the request under subsection (c) upon reaching the determination.
(e) The commission may not request an appropriation under subsection (c) after the earlier of:
(1) the date specified in section 30(c)(1) of this chapter; or
(2) the date specified in section 30(c)(2) of this chapter.
(f) Money in the motorsports facility fund reverts to the state general fund on June 30 of each year.
As added by P.L.190-2014, SEC.8. Amended by P.L.213-2015, SEC.56.
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