(1) There is created a fiduciary fund held by the state in a purely custodial capacity known as the Transient Room Tax Fund.
(2)
(a) The fund shall be funded by the portion of the sales and use tax imposed by a county of the first class described in Subsection 59-12-301(2) and the revenue generated by the tax described in Subsection 59-28-103(5).
(b)
(i) The fund shall earn interest.
(ii) Any interest earned on fund money shall be deposited into the fund.
(3)
(a) Before July 1, 2027, and subject to Subsection (3)(b), the executive director shall expend or pledge the money deposited into the fund:
(i) to mitigate the impacts of traffic and parking relating to a convention facility within a county of the first class;
(ii) for a purpose listed in Section 17-78-702, except that any requirements in Section 17-78-702 for the expenditure of money do not apply; or
(iii) for a combination of Subsections (3)(a)(i) and (ii).
(b) The executive director may not expend more than $20,000,000 in total to mitigate the impacts of traffic and parking relating to a convention facility within a county of the first class.
(4) Beginning on July 1, 2027, the executive director shall expend or pledge the money deposited into the fund for:
(a) the benefit of a city of the first class:
(i) in a county of the first class;
(ii) with a convention center; and
(iii) that is not a capital city; and
(b) a purpose listed in Section 17-78-702, except that any requirements in Section 17-78-702 for the expenditure of money do not apply.