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House Bill No. 5506

Public Act No. 22-118 222 of 739

and payment from the stadium facility capital replacement account shall be in accordance with the procedures established in subsection [(b)] (a) of this section with respect to the Stadium Facility Enterprise Fund generally, except that the order of the secretary with respect thereto shall include a certification that the costs for which payment is requested are capital costs in accordance with the current capital budget or are capital costs not anticipated in the current capital budget but necessary in order to repair, restore or reconstruct the stadium facility following a casualty loss, to preserve the structural integrity of the stadium facility, to protect public health or safety, or to avoid an interruption in stadium facility operations. [(d)] (c) Notwithstanding the provisions of subsection [(b)] (a) of this section, (1) the secretary is authorized to enter into agreements including, but not limited to, lease, license, management, marketing, ticketing, merchandising or concession agreements, which provide for the collection, retention or sharing of facility revenues by the university, the authority or other public or private entities, provided (A) such arrangements are not inconsistent in any material respect with the operating budget, are otherwise on terms not materially less favorable to the state than the terms customary in the industry for similar facilities and arrangements, except in the case of the university or the authority to the extent otherwise contemplated in the master development plan, and (B) such arrangements do not result in private business use of the stadium facility for purposes of Section 141(b) of the Internal Revenue Code to an extent that would result in an event of taxability with respect to any bonds issued on a tax-exempt basis, and (2) in order to facilitate stadium facility operations on a day-to-day basis, with the approval of the Treasurer and the Comptroller the secretary is authorized to establish, or cause to be established under agreements with the stadium facility manager, at a bank or banks in this state, a box office account to receive and hold ticket receipts and event specific escrow accounts to hold rental, security and similar deposits pending the occurrence of an