Text of section effective on April 01, 2021
Sec. 479.0153. ALLOWABLE EXPENSES. (a) Money in the trust fund may be used to:
(1) pay the principal of and interest on notes issued under Section 479.0202; and
(2) fulfill obligations of an endorsing municipality, an endorsing county, or this state to a site selection organization under a motor sports racing event support contract or event support contract.
(b) The obligations described by Subsection (a)(2) may include the payment of:
(1) the costs relating to the preparations necessary or desirable for conducting the motor sports racing event; and
(2) the costs of conducting the racing event, including costs of a temporary improvement or temporary renovation to an existing facility specific to the racing event.
Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1, 2021.
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