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What is the Hotel Development and Finance Trust Fund?

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The VIEDA shall establish for each approved project a separate Trust Fund. Funds allocated and deposited into the hotel development and finance trust fund are from the hotel and casino taxes generated from the approved project and is made available to the VIEDA as revenue to utilized towards reducing the Hotel Development Notes incurred for the development of the approved Project. Existing hotel room taxes and casino taxes may not be used to fund the Hotel Development Trust Fund.

The hotel occupancy taxes and the casino revenue tax generated from the approved Project must be deposited into the established Trust Fund.