Louisiana Revised Statutes 47:322.30 – Disposition of certain collections in the cities of Shreveport and Bossier City
Terms Used In Louisiana Revised Statutes 47:322.30
- 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
- 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.
A. Notwithstanding any provision of law to the contrary, the avails of the tax imposed by this Chapter from the sales of services as defined by La. Rev. Stat. 47:301(14)(a) in the cities of Shreveport and Bossier City under the provisions of La. Rev. Stat. 47:321(C) and 322 shall be credited to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all of 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 one-half of the remainder of such funds into a special fund which is hereby created in the state treasury and designated as the “Shreveport-Bossier City Visitor Enterprise Fund”.
B. The monies deposited pursuant to this Section in the Shreveport-Bossier City Visitor Enterprise Fund shall be subject to an annual appropriation by the legislature. The monies in the fund shall be available exclusively for use by the Shreveport-Bossier Convention and Tourist Bureau for the purpose of promoting and enhancing tourism activities, and for supporting all other activities consistent with the authorized mission of such commission.
C. 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 1997, No. 367, §1, eff. July 1, 1997; Acts 2011, No. 378, §1, eff. July 1, 2011.