6049‑S.E2 AMH SHEL LONG 209

2ESSB 6049 ‑ H AMDS 938 NOT CONSIDERED 5/19/95

By Representative Sheldon and others

     On page 1, line 18, after "(4)" strike everything through "no" and insert "No"

     On page 5, after line 31, strike everything through page 7, line 11, and insert:

     "Sec. 7.  RCW 82.14.048 and 1995 c ... (Substitute Senate Bill No. 5127) s 6 are each amended to read as follows:

(1) The governing board of a public facilities district under chapter 36.100 RCW may submit an authorizing proposition to the voters of the district, and if the proposition is approved by a majority of persons voting, fix and impose a sales and use tax in accordance with the terms of this chapter.

(2) The tax authorized in this section shall be in addition to any other taxes authorized by law and shall be collected from those persons who are taxable by the state under chapters 82.08 and 82.12 RCW upon the occurrence of any taxable event within the public facilities district.  The rate of tax shall equal one-tenth of one percent of the selling price in the case of a sales tax, or value of the article used, in the case of a use tax.

(3) Moneys received from any tax imposed under this section shall be used for the purpose of providing funds for the costs associated with the financing, design, acquisition, construction, equipping, operating, maintaining, remodeling, repairing, and reequipping of its public facilities.

(4) If the revenue from the tax imposed under this section is used for the purpose of principal and interest payments on bonds issued to acquire, construct, own, remodel, maintain, equip, reequip, repair, and operate a baseball stadium with a retractable roof or canopy and natural turf, the tax may be collected only after the county executive has certified to the department of revenue that a professional major league baseball team has made a binding and legally enforceable contractual commitment to:

(a) Play at least ninety percent of its home games in the stadium for a period of time not shorter than the term of the bonds issued to finance the initial construction of the stadium;

(b) Contribute principal of forty-five million dollars toward the bonded cost of construction of the stadium, which contribution shall be made during a term not to exceed the term of the bonds issued to finance the initial construction of the stadium.  If all or part of the contribution is made after the date of issuance of the bonds, the team shall contribute an additional amount equal to the accruing interest on the deferred portion of the contribution, calculated at the interest rate on the bonds maturing in the year in which the deferred contribution is made; and

(c) Share a portion of the profits generated by the baseball team from the operation of the professional franchise for a period of time equal to the term of the bonds issued to finance the initial construction of the stadium, after offsetting any losses incurred by the baseball team after the effective date of this act.  Such profits and the portion to be shared shall be defined by agreement between the public facilities district and the baseball team.  The shared profits shall be used to retire the bonds issued to finance the initial construction of the stadium.  If the bonds are retired before the expiration of their term, the shared profits shall be paid to the public facilities district.

(5) If subsection (4) of this section applies to the tax imposed under this section, and the revenue from the tax  exceeds the amount needed for such principal and interest payments in any year, the excess shall be used solely for either or both:  (a) Early retirement of the bonds issued for the baseball stadium; or (b) retirement of bonds issued for expanding, remodelling, repairing, or reequipping of a multipurpose stadium that has a seating capacity over forty-five thousand.

(6) If subsection (4) of this section applies to the tax imposed under this section, the tax imposed under this section shall expire when the bonds issued for the construction of the new public facilities are retired, but not later than twenty years after the tax is first collected."

     Correct the title accordingly.

EFFECT:  Removes the non-voter approved 0.1% sales tax authority.  If the Public Facilities District submits a 0.1% sales tax to the voters under SB 5127 (as signed by the governor) and the tax is used for a baseball stadium, the county executive must make the same certifications regarding the lease and profit-sharing as in the underlying bill.