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§ 9-605 Eligible projects

AZ Rev Stat § 9-605 (2019) (N/A)
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9-605. Eligible projects

A. An eligible city may not spend monies from the Arizona convention center development fund for uses other than those permitted by section 9-603 and only in connection with an eligible convention center development project.

B. A project is eligible only if:

1. The voters of the eligible city have approved the project and any required financing for the project.

2. Specifically identified municipal sources have been dedicated to provide funding for at least one-half of the total project cost.

3. The total cost of the project does not exceed six hundred million dollars.

C. In the case of an eligible city described in section 9-604, paragraph 2, subdivision (b), a project is eligible under this section only if:

1. The joint legislative budget committee has conducted a financial analysis of the proposed project that indicates that the project will result in an increase in state general fund revenues greater than the amounts of distributions pursuant to section 9-602 in connection with the project.

2. The total cost of the project does not exceed sixty million dollars.

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