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AGO Opinions with Topic: COUNTY STADIUM FINANCING UNDER CHAPTER 236, LAWS OF 1967
AGO 1967 No. 31 >  August 21, 1967
COUNTIES - TAXATION - LEASES - COUNTY STADIUM FINANCING UNDER CHAPTER 236, LAWS OF 1967
COUNTIES - TAXATION - LEASES - COUNTY STADIUM FINANCING UNDER CHAPTER 236, LAWS OF 1967 (1) Under the provisions of chapter 236, Laws of 1967, a class AA county may enter into a lease agreement with private parties pursuant to which such parties would acquire real property and construct thereon a public stadium with associated facilities and upon completion of construction thereof lease the same to the county as lessee with the county's obligation to make rental payments over the term of the lease being secured by a pledge of the proceeds of the two percent excise tax on lodgings authorized by § 11 of the act. (2) Such a county, having entered into such a lease agreement, may thereafter sublease the stadium and use the rental revenues derived from the sublease for the purpose of making the rental payments due under the primary lease; however, the county is not authorized to specifically pledge or assign such revenues for this purpose. (3) Such a county may enter into a long-term lease of such a stadium, as lessee, provided (a) that the rental obligations can be met out of current revenues and (b) that it is good business for the county to enter into a long-term lease; the county may then sublease the stadium for such period and under such terms and conditions as the board of county commissioners may determine. …
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