FL S1062

Establishes a new funding mechanism for performing arts centers under s. 288.163, allowing eligible facilities to receive monthly distributions of up to $166,667 from sales tax proceeds for up to 30 years, with distributions beginning no earlier than July 1, 2012.

Designates the Office of Tourism, Trade, and Economic Development as the state agency responsible for screening applicants and certifying performing arts centers, requiring verification that facilities will attract more than 150,000 paid attendees annually and generate at least $250,000 in annual sales tax revenue.

Limits annual state distributions to the lesser of 75 percent of projected sales tax revenues generated by the performing arts center or $2 million, and requires local government certification by resolution that funding serves a public purpose.

Restricts certified funds to public purposes including acquisition, construction, renovation, capital improvements, maintenance of the center and ancillary facilities, and debt service on bonds issued for these purposes.

Authorizes the Department of Revenue to audit distributions and recover any funds not expended in compliance with the bill's requirements.