Issue Date: | 2005-09-01 |
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Revised Date: |
Legal Cites
- Vernon's Civil Statutes art. 5190.14 sec. 5B(d)
Origin:
2005 by S.B. 150, S.B. 1605, 79th Leg., R.S.
Purpose
If a site is selected for a motor sports racing event, a portion of state and local sales, hotel and mixed beverage taxes in an amount of estimated incremental increases, as determined by the comptroller, is deposited to this fund established outside the treasury in custody of comptroller. Motor sports racing event is a specific automobile racing event for a particular year referred to as the US Grand Prix, or specific automobile racing event that is part of the Champ Car World Series or the American Le Mans Series. Obligations satisfied proportionately from state and local revenue. Fund may also receive pledged surcharges from user fees charged by the local government.
Classification | Group 13: Local Trust [?] |
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Depository Interest | Credited to General Revenue Fund 0001. |
Disposition of Balance | Accumulative |
Appropriation Technique | Not appropriated for state expenditure |
Administering Agencies
Note
USAS Values
USAS Title | MOTOR SPORTS AND RACING TRUST FUND |
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Consolidated Fund | |
State Fund Group | 13 - LOCAL TRUST |
USAS Status | A |
Funds held outside the state treasury in a trustee capacity for individuals, private organizations or other governmental entities. Includes assets belonging to individuals and other entities held temporarily in a custodial capacity.