Louisiana Revised Statutes 47:322.34 – Disposition of certain collections in the parish of Jefferson
Terms Used In Louisiana Revised Statutes 47:322.34
- 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
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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. The avails of the tax imposed by La. Rev. Stat. 47:321 from the sale of services as defined in La. Rev. Stat. 47:301(14)(a) in the parish of Jefferson 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 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 the Jefferson Parish Convention Center Fund as provided in La. Rev. Stat. 47:332.1(A).
B.(1) The amount of proceeds of the tax levied by La. Rev. Stat. 47:321 in the fund which are collected in the city of Kenner shall be available as provided in this Subsection. The monies shall be used fifty percent for the Rivertown Museum Theater Complex and fifty percent for the Pontchartrain Center/Laketown Development.
(2)(a) Sixty percent of the amount of proceeds of the tax levied by La. Rev. Stat. 47:321 in the fund which are collected in all areas of the parish of Jefferson exclusive of the cities of Gretna and Kenner and the town of Grand Isle shall be placed in escrow and shall be available exclusively for improvements at Lafreniere Park and the LaSalle tract on the east side of the Mississippi River in the parish of Jefferson, of which one-half shall be for improvements at Lafreniere Park and one-half shall be for the LaSalle tract on the east side of the Mississippi River in the parish of Jefferson.
(b) Ten percent of the amount of the proceeds of the tax levied by La. Rev. Stat. 47:321 in the fund which are collected in all areas of the parish of Jefferson, exclusive of the cities of Gretna and Kenner and the town of Grand Isle, shall be placed in escrow and shall be available exclusively for the Sala Avenue Restoration Project.
(c) The remaining thirty percent collected in all areas of the parish exclusive of the cities of Gretna and Kenner and the town of Grand Isle shall be placed in escrow and shall be available exclusively for use at the West Bank Civic Center at Bayou Segnette.
(3)(a) 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 city of Gretna in Jefferson Parish 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 the remainder of such funds into a special account in the Jefferson Parish Convention Center Fund which is hereby created in the fund and designated as the “Gretna Tourist Commission Enterprise Account”.
(b) The monies in the Gretna Tourist Commission Enterprise Account shall be subject to an annual appropriation by the legislature. The monies in the account shall be utilized exclusively for tourism development purposes and for planning, development, or capital improvements of tourism sites in the city of Gretna. All unexpended and unencumbered monies remaining in the account at the end of the fiscal year shall remain in the account.
(c) For purposes of this Paragraph, “capital improvements” shall mean expenditures for acquiring lands, buildings, equipment, or other permanent properties, or for their construction, preservation, development, or permanent improvement, or for payment of principal, interest, or premium, if any, and other obligations incident to the issuance, security, and payment of bonds or other evidences of indebtedness associated therewith.
(4)(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 Ward 11 of Jefferson Parish 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 the remainder of such funds into a special account which is hereby created in the Jefferson Parish Convention Center Fund and designated as the “Town of Grand Isle Tourist Commission Enterprise Account”.
(b) The monies in the Town of Grand Isle Tourist Commission Enterprise Account shall be subject to an annual appropriation by the legislature. The monies in the account shall be utilized exclusively for tourism development purposes and for planning, development, or capital improvements of tourism sites in the town of Grand Isle.
(c) For purposes of this Paragraph, “capital improvements” shall mean expenditures for acquiring lands, buildings, equipment, or other permanent properties, or for their construction, preservation, development, or permanent improvement, or for payment of principal, interest, or premium, if any, and other obligations incident to the issuance, security, and payment of bonds or other evidences of indebtedness associated therewith.
C. The monies in the fund shall be subject to an annual appropriation by the legislature. The monies shall be appropriated as determined under the provisions of Subsection B of this Section. All unexpended and unencumbered monies in the Jefferson Parish Convention Center Fund shall remain in the fund. The monies in the fund shall be invested by the treasurer in the same manner as monies in the state general fund and all interest earned shall be deposited into the state general fund.
D. The parish of Jefferson may issue bonds payable from a pledge and dedication of the amounts of proceeds of the tax in the Jefferson Parish Convention Center Fund allocated pursuant to and for the purposes set forth in Subsection B of this Section. Whenever such bonds are issued, the legislature shall annually appropriate, to the extent of deposits in the fund allocated pursuant to Subsection B of this Section, monies sufficient to pay the principal, interest, and premium, if any, due on the bonds each year. If the legislature, after a diligent and good faith effort, fails to appropriate sufficient monies to pay the principal, interest, and premium, if any, due on the bonds each year, or if such appropriation cannot be effected, the state shall in no way be a party to any contractual rights arising from the bonds issued, nor shall the state be in any way obligated for any payments due to holders of the bonds issued under the provisions of this Subsection.
Acts 1997, No. 799, §1, eff. July 1, 1997.