§4600.10. Renewal of tourism recovery and improvement district; transfer or refund of remaining revenues; term limit

            A. Any tourism recovery and improvement district may be renewed by following the procedures for establishment as provided in this Section.

            B.(1) If there are no changes to activities, assessment rates, assessment method, or boundaries, the tourism recovery and improvement district may be renewed by conducting a public hearing as provided in this Chapter to determine whether the tourism recovery and improvement district shall be renewed.

            (2) If there are changes to activities, assessment rates, assessment method, or boundaries, the tourism recovery and improvement district may be renewed by following the procedures for the petition as provided in this Chapter in addition to the public hearing procedure as provided in this Chapter.

            C. Upon renewal, any remaining revenues derived from the levy of assessments, or any revenues derived from the sale of assets acquired with the revenues, shall be transferred to the renewed tourism recovery and improvement district. If the renewed tourism recovery and improvement district includes additional businesses not included in the prior tourism recovery and improvement district, the remaining revenues shall be spent to benefit only the businesses in the prior tourism recovery and improvement district. If the renewed tourism recovery and improvement district does not include businesses included in the prior tourism recovery and improvement district, the remaining revenues attributable to these businesses shall be refunded to the owners of these businesses.

            D. Upon renewal, a tourism recovery and improvement district shall have a term not to exceed ten years or, if the tourism recovery and improvement district is authorized to issue bonds, until the maximum maturity of those bonds. There is no requirement that the boundaries, assessments, improvements, or activities of a renewed district be the same as the original or prior tourism recovery and improvement district.

            Acts 2021, No. 319, §1, eff. June 15, 2021.