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Tennessee Code Title 11. Natural Areas and Recreation § 11-3-306

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) There is hereby created within the general fund a special account to be known as the “state parks hospitality maintenance and improvement fund.” The commissioner must deposit revenue generated by the revenue-generating facilities enumerated in § 11-3-305 into the fund in such a manner that the total amount of revenue deposited each fiscal year, at a minimum, is equal to two percent (2%) of the annual gross revenue generated by the facilities.

(b)(1) Any unencumbered funds and any unexpended balance of the state parks hospitality maintenance and improvement fund remaining at the end of a fiscal year shall not revert to the general fund, but instead must be carried forward until expended in accordance with this part.

(2) Interest accruing on investments and deposits of the state parks hospitality maintenance and improvement fund must be returned to that fund and remain a part of that fund.

(3) Moneys in the state parks hospitality maintenance and improvement fund must be invested by the state treasurer for the benefit of the state parks hospitality maintenance and improvement fund pursuant to § 9-4-603. The commissioner of environment and conservation shall administer the state parks hospitality maintenance and improvement fund.

(4) The state parks hospitality maintenance and improvement fund may provide for:

(A) Routine maintenance on the revenue-generating facilities enumerated in § 11-3-305;

(B) Major maintenance and renovation projects for the revenue-generating facilities enumerated in § 11-3-305;

(C) Capital improvements to the revenue-generating facilities enumerated in § 11-3-305; and

(D) Maintenance to or improvements of the accommodations of the revenue-generating facilities enumerated in § 11-3-305, including, but not limited to, acquiring, maintaining, repairing, or upgrading the furniture, fixtures, carpet, equipment, or décor.

(c) If net revenue generated by the revenue-generating facilities enumerated in § 11-3-305 exceeds the need for self-sufficiency of the revenue-generating facilities, then the net revenue does not revert to the general fund and may be applied to state parks in an appropriate manner as determined by the commissioner of environment and conservation.

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Cite this article: FindLaw.com - Tennessee Code Title 11. Natural Areas and Recreation § 11-3-306 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-11-natural-areas-and-recreation/tn-code-sect-11-3-306/

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