§26.  Revenue Sharing Fund

Section 26.(A)  Creation of Fund.  The Revenue Sharing Fund is created as a special fund in the state treasury.  

(B)  Annual Allocation.  The sum of ninety million dollars is allocated annually from the state general fund to the revenue sharing fund.  The legislature may appropriate additional sums to the fund.  

(C)  Distribution Formula.  The revenue sharing fund shall be distributed annually as provided by law solely on the basis of population and number of homesteads in each parish in proportion to population and the number of homesteads throughout the state.  Unless otherwise provided by law, population statistics of the last federal decennial census shall be utilized for this purpose.  After deductions in each parish for retirement systems and commissions as authorized by law, the remaining funds, to the extent available, shall be distributed by first priority to the tax recipient bodies within the parish, as defined by law, to offset current losses because of homestead exemptions granted in this Article.  Any balance remaining in a parish distribution shall be allocated to the municipalities and tax recipient bodies within each parish as provided by law.  

(D)  Distributing Officer.  The funds distributed to each parish as provided in Paragraph (C) shall be distributed in Orleans Parish by the city treasurer of New Orleans and in all other parishes by the parish tax collector.  The funds allocated to the Monroe City School Board or its successor shall be distributed to and by the city treasurer of Monroe.  

(E)  Bonded Debt. A political subdivision, as defined by Article VI of this constitution, may incur debt by issuing negotiable bonds and may pledge for the payment of all or part of the principal and interest of such bonds the proceeds derived or to be derived from that portion of the funds received by it from the revenue sharing fund, to offset current losses caused by homestead exemptions granted by this Article.  Unless otherwise provided by law, no moneys allocated within any parish from the balance remaining in its distribution may be pledged to the payment of the principal or interest of any bonds.  Bonds issued under this Paragraph shall be issued and sold as provided by law, and shall require approval of the State Bond Commission or its successor prior to issuance and sale.