Sec. 111.136. - Sports Complex Capital Maintenance Enterprise Fund.

(a) The City hereby establishes a sports venue-related enterprise fund, known as the Sports Complex Capital Maintenance Enterprise Fund, which will provide for improved accountability for performance of maintenance and upkeep for the Jacksonville Arena, the Jacksonville Municipal Stadium, and the Jacksonville Baseball Stadium; and which will have as a primary source of revenue, the taxes on "transient rentals" authorized by F.S. § 212.0305 and Section 764.104(a)(3) (Convention Development Tax), Ordinance Code. (b) The use of such enterprise fund revenues shall be to construct extend, enlarge, remodel, repair, improve, or maintain the Jacksonville Municipal Stadium, the Jacksonville Veterans Arena, and the Jacksonville Baseball Grounds (collectively, the "Sports Complex") or, as may be determined from time to time by the Council consistent with State law. (c) The City has completed the payment of capital debt related to prior encumbrances upon the taxes imposed on transient rentals, and is dedicating this funding source as set forth in subsection (e) below, to the need to maintain its Sports Complex to avoid significant capital expenses which would be incurred should adequate maintenance not be timely funded. Additionally, since the revenue pledge to repay the facility related borrowing has been timely paid, these funds are available. (d) Subject to appropriation by the Council, the Director of Finance and Administration, with the concurrence of the Executive Director of the Office of Economic Development, is authorized and directed to make disbursements from the Fund for capital maintenance of the Sports Complex. (e) Effective October 1, 2010, the two percent convention development tax funds imposed and collected in accordance with Chapter 764 , Ordinance Code, shall be deposited into the Sports Complex Capital Maintenance Enterprise Fund, to be used exclusively to construct, extend, enlarge, remodel, repair, improve, or maintain said Sports Complex. (f) All funds within The Sports Complex Capital Maintenance Enterprise Fund shall carry forward from fiscal year to fiscal year and shall not lapse. (Ord. 2009-817-E, § 1; Ord. 2012-364-E, § 10; Ord. 2016-140-E , § 16)