Texas Senate Bill SB1515

Texas 2009 - 81st Regular

• Out of Senate Committee: 4/1/09
• Voted on by Senate: 4/15/09
• Out of House Committee: 5/2/09
• Voted on by House: 5/20/09
• Governor Action: 6/19/09
• Enrolled: 5/28/09
• Passed: 6/19/09

Caption

Relating to a major events trust fund, a motor sports racing trust fund, and an events trust fund for sporting and non-sporting events.

Impact

The bill's impact focuses on redefining financial agreements between the state, local municipalities, and organizing committees to facilitate the hosting of exclusive events. By providing a structured funding mechanism via trust funds to cover expenses related to event preparation and execution, SB1515 attempts to streamline financing arrangements, thus encouraging municipalities to bid for prominent events like the Super Bowl or the NCAA Finals. This is expected to have a positive ripple effect on local economies, enhancing tourism and local business revenues.

Summary

SB1515 proposes the establishment of a Major Events Trust Fund, a Motor Sports Racing Trust Fund, and an Events Trust Fund intended to provide financial support for hosting major sporting and non-sporting events in Texas. The bill aims to enhance the state's capacity to attract significant events, which are anticipated to deliver substantial economic benefits to local communities and the state overall, potentially leading to job creation and increased public visibility.

Contention

While supporters argue that SB1515 will boost economic growth and job creation, opposition may arise from concerns regarding local autonomy and accountability. Critics could question whether the financial risks associated with hosting these events justify the potential benefits and whether local governments may become overly reliant on state funding for different expenses. Further discussion around transparency in the distribution of these funds and the long-term implications for public finances may also emerge as points of contention.

Additional_notes

The bill includes various stipulations regarding the kinds of events eligible for funding and the required agreements between state and local entities. It mandates that funding requests come only after certain conditions are met, which may aim to ensure fiscal responsibility while allowing municipalities to secure necessary resources for significant events.