Louisiana Revised Statutes 47:302.29 – Disposition of certain collections in East Baton Rouge Parish
Terms Used In Louisiana Revised Statutes 47:302.29
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Sale: means any transfer of title or possession, or both, exchange, barter, conditional or otherwise, in any manner or by any means whatsoever, of tangible personal property, for a consideration, and includes the fabrication of tangible personal property for consumers who furnish, either directly or indirectly, the materials used in fabrication work, and the furnishing, preparing or serving, for a consideration, of any tangible personal property, consumed on the premises of the person furnishing, preparing or serving such tangible personal property. See Louisiana Revised Statutes 47:301
A. Except as provided in La. Rev. Stat. 47:302.50, the avails of the tax imposed by this Chapter for the sale of services as defined in La. Rev. Stat. 47:301(14)(a) in East Baton Rouge Parish under the provisions of La. Rev. Stat. 47:302(C) shall be credited to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all the obligations secured by the full faith and credit of the state which become due and payable within any fiscal year, the treasurer shall pay the remainder of such funds into a special fund which is hereby created in the state treasury and designated as the “East Baton Rouge Parish Community Improvement Fund”.
B. The monies in the East Baton Rouge Parish Community Improvement Fund shall be subject to an annual appropriation of the legislature. Fifty percent of the monies in the fund shall be used for urban mass transit in East Baton Rouge Parish and fifty percent of the monies in the fund shall be used for the Research Park Corporation domiciled in East Baton Rouge Parish. The funds allocated herein for urban mass transit shall not be used to displace, replace, or supplant funds previously appropriated or otherwise used for this purpose. All unexpended and unencumbered monies remaining in the fund at the end of the fiscal year shall remain in the fund. The monies in the fund shall be invested by the treasurer in the same manner as the monies in the state general fund, and all interest earned shall be deposited in the state general fund.
Acts 1996, 1st Ex. Sess., No. 85, §1, eff. July 1, 1996; Acts 1997, No. 808, §1, eff. July 1, 1997; Acts 1999, No. 1324, §1, eff. July 1, 1999.