13-3103. State assistance; limitation.
(1) Any applicant that has (a) acquired, constructed, improved, or equipped, (b) approved a revenue bond issue or a general obligation bond issue to acquire, construct, improve, or equip, or (c) adopted a resolution authorizing the applicant to pursue a general obligation bond issue to acquire, construct, improve, or equip an eligible sports arena facility may apply to the board for state assistance. The state assistance shall only be used to pay back amounts expended or borrowed through one or more issues of bonds to be expended by the applicant to acquire, construct, improve, or equip the eligible sports arena facility.
(2) For applications for state assistance approved on or after October 1, 2016, no more than fifty percent of the final cost of the project shall be funded by state assistance received pursuant to section 13-3108.
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