(1) Sales tax revenues levied and collected pursuant to the provisions of section 32-14-114 shall be used by the board for the following purposes:
To reimburse the board for the day-to-day operating costs incurred in the administration of the district; however, such costs shall not exceed three-fourths of one percent of the amount of sales tax revenues collected annually;
To reimburse the board for any loans made to the board or any direct out-of-pocketexpenses incurred by the board for matters directly related to the duties of the board prior to the time that sales tax revenues were available for use by the board;
To reimburse the board for expenses incurred in the investigation, study, and evaluation of potential stadium sites, for preconstruction planning of the design and construction of a stadium, and for the hiring of professionals to assist in these and other related activities;
To acquire a site within the district which shall be suitable for construction of astadium;
To plan, design, and construct a stadium and all facilities incidental thereto;
To pay the principal, interest, and prepayment premium, if any, on outstanding special obligation bonds issued by the board pursuant to the provisions of this article.
(2) If sales tax revenues levied and collected pursuant to the provisions of section 32-14114 and the operating revenues generated by the district are insufficient for all of the purposes set forth in subsection (1) of this section, the purpose set forth in paragraph (f) of said subsection (1) shall have first priority of such sales tax revenues.
Source: L. 89: Entire article added, p. 1335, § 1, effective June 2. L. 90: Entire section R&RE, p. 1521, § 8, effective April 16.