Section 17-31-9 - Payment to Stay Another Day and Bounce Back Fund and Hotel Impact Mitigation FundA county in which a qualified hotel, as defined in Section 63N-2-502, is located shall:
(1) make an annual payment to the Division of Finance: (a) for deposit into the Stay Another Day and Bounce Back Fund, established in Section 63N-2-511;(b) for any year in which the Governor's Office of Economic Opportunity provides a convention incentive, as defined in Section 63N-2-502; and(c) in the amount of 5% of the state portion, as defined in Section 63N-2-502; and(2) make payments to the Division of Finance: (a) for deposit into the Hotel Impact Mitigation Fund, created in Section 63N-2-512;(b) for each year described in Subsection 63N-2-512(5)(a)(ii) during which the balance of the Hotel Impact Mitigation Fund, defined in Section 63N-2-512, is less than $2,100,000 before any payment for that year under Subsection 63N-2-512(5)(a); and(c) in the amount of the difference between $2,100,000 and the balance of the Hotel Impact Mitigation Fund, defined in Section 63N-2-512, before any payment for that year under Subsection 63N-2-512(5)(a).Amended by Chapter 282, 2021 General Session ,§ 10, eff. 7/1/2021.Amended by Chapter 283, 2015 General Session ,§ 1, eff. 5/12/2015.Added by Chapter 429, 2014 General Session ,§ 1, eff. 5/13/2014.