If site selection approved for an event or related series of events sanctioned by a site selection organization, comptroller shall deposit a portion of state and local sales, hotel and mixed beverage taxes in an amount of estimated incremental increases determined by the comptroller, to the fund as soon as practicable after the taxes are collected or as otherwise determined by the comptroller. In addition, a municipality or county may remit surcharges and user fees to the fund. The fund is outside the treasury held in trust by comptroller and may be disbursed without appropriation to pay principal and interest on notes and to fulfill obligation to a site selection organization, including improvements, renovations and costs of acquisition or construction. Fund established in the Uniform Statewide Accounting System (USAS) to facilitate processing and reporting of expenditures, including payroll, through USAS and the Uniform Statewide Payroll System.

Title changed (from Sporting Trust Fund for Certain Municipalities and Counties) and amended by S.B. 1515, 81st Leg., R.S.