C.R.S. Section 32-14-115
Sales tax revenues

  • use

(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:

(a)

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;

(b)

To reimburse the board for any loans made to the board or any direct out-of-pocket expenses 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;

(c)

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;

(d)

To acquire a site within the district which shall be suitable for construction of a stadium;

(e)

To plan, design, and construct a stadium and all facilities incidental thereto;

(f)

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 32-14-114 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: Section 32-14-115 — Sales tax revenues - use, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-32.­pdf (accessed Oct. 20, 2023).

32‑14‑101
Short title 32‑14‑102
Legislative declaration 32‑14‑103
Definitions 32‑14‑104
Creation of district - area of district 32‑14‑105
Authorizing election 32‑14‑106
Board of directors - membership - qualifications 32‑14‑107
Board of directors - powers and duties 32‑14‑108
Conflicts of interest prohibited 32‑14‑109
Records of board - audits - legislative oversight - powers and duties of state auditor 32‑14‑110
Privatization - study and consideration 32‑14‑111
Criteria - stadium site - stadium 32‑14‑112
Consultation with urban land institute - Colorado baseball commission - consideration of recommendations 32‑14‑113
Costs - acquisition of stadium site - construction of stadium - use of public moneys - target percentage 32‑14‑114
Sales tax imposed - collection - administration of tax - discontinuance 32‑14‑115
Sales tax revenues - use 32‑14‑116
Operating revenues - use 32‑14‑117
Issuance of special obligation bonds 32‑14‑118
Pledge of sales tax revenues and net operating revenues 32‑14‑119
Payment, recital, and securities 32‑14‑120
Incontestable recital in securities 32‑14‑121
Limitation upon payment 32‑14‑122
Negotiability 32‑14‑123
Sale of special obligation bonds 32‑14‑124
Contracts 32‑14‑125
Management agreement - operation of stadium 32‑14‑126
Lease of stadium - major league baseball franchise 32‑14‑126.5
Revenue sharing 32‑14‑128
Limitations upon liabilities 32‑14‑129
Sale of real and personal property of district 32‑14‑130
Limitations upon promotional activities 32‑14‑131
Colorado baseball commission - creation - membership 32‑14‑132
Commission - powers and duties 32‑14‑133
Repeal of article
Green check means up to date. Up to date

Current through Fall 2024

§ 32-14-115’s source at colorado​.gov