Section 19614.5.

Latest version.

Notwithstanding Section 19614, any county or district agricultural association fair which is licensed to conduct racing meetings for the first time on or after January 1, 1979, may retain the license fee applicable to its meeting for payment of a capital expense loan incurred for the purpose of preparing its facilities for horseracing. This license fee retention shall be applicable only during the loan period and only so long as all the moneys retained are used to pay off the loan for the capital expenses.

(Amended by Stats. 2011, Ch. 296, Sec. 26. Effective January 1, 2012.)

                    
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