SB-0585 Summary

• Sets transfer date of convention facility ownership to July 1, 2009, eliminating the previous 90-day waiting period after authority creation for transfer of qualified convention facilities from local governments to regional authorities.

• Allows the legislative body of a qualified city to disapprove the facility transfer between May 1, 2009 and July 1, 2009, with dissolution of the authority occurring if disapproval is adopted.

• Transfers all real property, personal property, equipment, contracts, licenses, permits, grants, and financial assets of qualified convention facilities to the regional authority while relieving local governments of further operational costs and liabilities.

• Requires the authority to assume outstanding bonds secured by state convention facility development act distributions and allows refunding of those securities to eliminate existing covenant requirements.

• Authorizes the authority to provide up to $20,000,000 in compensation to the qualified city for lost parking revenue and costs associated with the facility transfer, payable within 90 days of the transfer date.