§ 29-63. Application of revenues.


Latest version.
  • (a)

    All tax revenues and any interest accrued thereon received pursuant to this section shall be used as follows:

    (1)

    The portion received by the authority designated by the City of Miami Beach shall be used to extend, enlarge, and improve the Miami Beach Convention Center;

    (2)

    The portion received by the authority designated by the City of Miami shall be used to construct a new multipurpose convention/coliseum/exhibition center or the maximum components thereof as funds permit within the City of Miami;

    (3)

    After the completion of any project under subparagraph (1) or (2), tax revenues and interest accrued may be used to acquire, construct, extend, enlarge, remodel, repair, improve, operate, manage, or maintain one (1) or more convention centers, stadiums, exhibition halls, arenas, coliseums, or auditoriums; and

    (4)

    For the purposes of completion of any project pursuant to this section, tax revenues and interest accrued may be used:

    a.

    As collateral, pledged or hypothecated, for projects authorized by this section, including bonds issued in connection therewith; or

    b.

    As a pledge or capital contribution in conjunction with a partnership, joint venture, or other business arrangement between a municipality and one (1) or more business entities for projects authorized by this section.

(Ord. No. 83-91, § 2, 10-4-83; Ord. No. 11-02, § 1, 1-20-11)