(1) Sales tax revenues and admissions tax revenues levied and collected pursuant to the provisions of sections 32-15-110 and 32-15-110.5 shall be used by the board for the following purposes:
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;
Upon the approval of the registered electors of the ballot question set forth in section32-15-107 (1)(d)(I)(B), to acquire a site within the district that shall be suitable for construction of a stadium;
To plan, design, and renovate Mile High stadium or to plan, design, and construct astadium and all facilities incidental thereto;
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 and admissions 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 on and after May 23, 1996, for matters directly related to the duties of the board prior to the time that sales tax or admissions tax revenues were available for use by the board;
To reimburse the commission for expenses incurred on and after May 23, 1996, in theinvestigation, study, evaluation, and selection of a stadium site;
To reimburse the board for preconstruction planning of the design and renovation ofMile High stadium or the construction of a new stadium and for the hiring of professionals to assist in these and other related activities.
(2) If sales tax revenues and admissions tax revenues levied and collected pursuant to the provisions of sections 32-15-110 and 32-15-110.5 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 (a) of said subsection (1) shall have first priority of such sales and admissions tax revenues.
Source: L. 96: Entire article added, p. 1069, § 1, effective May 23. L. 97: (1)(b), (1)(c), and (1)(g) amended, p. 1496, § 5, effective June 3. L. 98: IP(1), (1)(d), (1)(e), and (2) amended, p. 508, § 7, effective April 22.