13-3102 Terms, defined. - Nebraska Statutes

13-3102. Terms, defined.For purposes of theSports Arena Facility Financing Assistance Act:(1) Board meansa board consisting of the Governor, the State Treasurer, the chairperson ofthe Nebraska Investment Council, the chairperson of the Nebraska State Boardof Public Accountancy, and a professor of economics on the faculty of a statepostsecondary educational institution appointed to a two-year term on theboard by the Coordinating Commission for Postsecondary Education. For administrativeand budget purposes only, the board shall be considered part of the Departmentof Revenue;(2) Bond means a general obligation bond, redevelopment bond, lease-purchasebond, revenue bond, or combination of any such bonds;(3) Eligible sports arenafacility means:(a)Any publicly owned, enclosed, and temperature-controlled building primarilyused for sports that has a permanent seating capacity of at least three thousandbut no more than seven thousand seats and in which initial occupancy occurson or after July 1, 2010. Eligible sports arena facility includes stadiums,arenas, dressing and locker facilities, concession areas, parking facilities,and onsite administrative offices connected with operating the facilities;and(b)Any racetrack enclosure licensed by the State Racing Commission in which initialoccupancy occurs on or after July 1, 2010, including concession areas, parkingfacilities, and onsite administrative offices connected with operating theracetrack;(4) General obligation bond means any bond or refunding bond issuedby a political subdivision and which is payable from the proceeds of an advalorem tax;(5) Increase in state sales tax revenue means the amount of statesales tax revenue collected by a nearby retailer during the fiscal year forwhich state assistance is calculated minus the amount of state sales tax revenuecollected by the nearby retailer in the fiscal year that ended immediatelypreceding the date of occupancy of the eligible sports arena facility, exceptthat the amount of state sales tax revenue of a nearby retailer shall notbe less than zero;(6) Nearby retailer means a retailer as defined in section 77-2701.32that is located within six hundred yards of an eligible sports arena facility,measured from the facility but not from any parking facility or other structure.The term includes a subsequent owner of a nearby retailer operating at thesame location;(7) New state sales tax revenue means:(a) For nearby retailersthat commenced collecting state sales tax during the period of time beginningtwenty-four months prior to occupancy of the eligible sports arena facilityand ending twenty-four months after the occupancy of the eligible sports arenafacility, one hundred percent of the state sales tax revenue collected bythe nearby retailer and sourced under sections 77-2703.01 to 77-2703.04 toa location within six hundred yards of the eligible sports arena facility;and(b) For nearby retailers that commenced collecting state sales taxprior to twenty-four months prior to occupancy of the eligible sports arenafacility, the increase in state sales tax revenue collected by the nearbyretailer and sourced under sections 77-2703.01 to 77-2703.04 to a locationwithin six hundred yards of the facility;(8) Political subdivision means any city,village, or county; and(9) Revenue bond means any bond or refunding bond issued by a politicalsubdivision which is limited or special rather than a general obligation bondof the political subdivision and which is not payable from the proceeds ofan ad valorem tax. SourceLaws 2010, LB779, § 8.Operative Date: July 1, 2010