Text of section effective on April 01, 2021
Sec. 480.0205. LIMITATION ON CERTAIN DISBURSEMENTS. (a) A disbursement from the events trust fund is limited to five percent of the cost of a structural improvement or a fixture if:
(1) an obligation is incurred under an event support contract to make the improvement or add the fixture to a site for an event; and
(2) the improvement or fixture is expected to derive most of its value in subsequent uses of the site for future events.
(b) The remainder of an obligation described by Subsection (a) is not eligible for a disbursement from the events trust fund, unless the obligation is for an improvement or fixture for a publicly owned facility.
Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1, 2021.
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