Relating to financing of Major League Soccer stadium; prescribing an effective date.
Catchline/Summary:
Expands purpose of Major League Stadium Grant Fund to include entering into agreements that grant incremental soccer tax revenues for purpose of financing, developing, constructing and furnishing major league stadium designed for use by Major League Soccer team located in Portland. Expands purpose of Major League Stadium Grant Fund to include entering into agreements that grant incremental soccer tax revenues for purpose of financing, developing, constructing and furnishing major league stadium designed for use by Major League Soccer team located in Portland. Authorizes Director of Oregon Department of Administrative Services to enter into grant agreements. Specifies terms of grant agreements. Specifies determinations that director must make prior to executing grant agreement.
Subjects transfer of incremental soccer tax revenues to fund to Legislative Assembly making appropriation for that purpose. Specifies that appropriation must be amount equal to estimated or actual incremental soccer tax revenues. Makes disbursement of appropriation, if made pursuant to grant agreement, unconditional.
Prohibits transfer of revenues generated from members of soccer team to Major League Stadium Grant Fund until July 1, 2011.
Limits biennial expenditures of Oregon Department of Administrative Services for payment of grant to fund construction of stadium.
Sunsets on date on which all bonds issued for purpose of financing, developing, constructing or furnishing soccer stadium are retired or July 1, 2014, whichever date is earlier.
Takes effect on 91st day following adjournment sine die.
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HB 2531 Senate Committee On Rules
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