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House Bill No. 5506

Public Act No. 22-118 223 of 739

event and event reconciliation and from which such receipts and deposits may be disbursed in accordance with industry standard practices, a revenue account for the purpose of collecting revenues from stadium facility operations on a daily basis, and an operating expense account for the purpose of paying reasonable and prudent expenses of stadium facility operations on a daily basis, and such subaccounts within the revenue account and the operating expense account as the secretary deems appropriate to segregate and account separately for the revenues and expenses of catering, concessions, parking or other ancillary activities, and the secretary may transfer amounts in the revenue account to the operating expense account as necessary to provide for the payment of expenses of stadium facility operations in accordance with accounting and payment procedures approved by the Comptroller, and the stadium facility manager may, in accordance with accounting and payment procedures approved by the Comptroller, pay expenses of stadium facility operations directly from the operating expense account; provided, if at the end of any calendar month there is on deposit in the revenue account and the operating expense account amounts in the aggregate in excess of the projected expenses of stadium facility operations for the next succeeding three calendar months, such excess shall be promptly transferred by the secretary to the Stadium Facility Enterprise Fund. The determination of what constitutes reasonable and prudent expenses of stadium facility operations shall be made with due regard for customary practices at comparable facilities hosting similar events. [(e)] (d) Moneys in the box office account and any event specific escrow account, and any interest thereon, shall not be deemed to be state moneys for purposes of sections 4-32 and 4-33 until recognized as revenues of stadium facility operations upon event reconciliation in accordance with standard industry practices. [(f)] (e) The establishment of the revenue account, the operating