Louisiana Revised Statutes 47:322.11 – Disposition of certain collections in Calcasieu Parish
Terms Used In Louisiana Revised Statutes 47:322.11
- 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. The avails of the tax imposed by La. Rev. Stat. 47:321 from the sales of services as defined in La. Rev. Stat. 47:301(14)(a) in Calcasieu Parish under the provisions of La. Rev. Stat. 47:321(C) and 322, as applicable, shall be credited to the Bond Security and Redemption Fund, and after 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 certain special funds in the state treasury.
B.(1) The avails from the sales of services in Ward 3 of Calcasieu Parish shall be deposited in and credited to a special fund which is hereby created in the state treasury and designated as the “Lake Charles Civic Center Fund”. The monies in the Lake Charles Civic Center Fund shall be subject to annual appropriation by the legislature. The monies in the fund shall be available exclusively for use by the city of Lake Charles for the operation, maintenance, and capital improvements for the Lake Charles Civic Center in Calcasieu Parish. All unexpended and unencumbered monies in the fund 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 general fund, and all interest earned shall be deposited into the state general fund.
(2) The city of Lake Charles may issue bonds payable from a pledge and dedication of the amount of proceeds of the tax in the Lake Charles Civic Center Fund. However, prior to the issuance of such bonds, the city of Lake Charles shall obtain the approval of a majority of the members of the governing authority of Calcasieu Parish.
(3) Whenever such bonds are issued, the legislature shall annually appropriate, to the extent of deposits in the fund, 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 Section.
(4) Bonds issued pursuant to this Subsection shall not be subject to the provisions of La. Rev. Stat. 39:112(G).
C. The avails from the sales of services in Wards 4, 5, 6, and 7 of Calcasieu Parish, shall be deposited in and credited to the West Calcasieu Community Center Fund as provided in La. Rev. Stat. 47:302.12 and shall be subject to the provisions of La. Rev. Stat. 47:302.12.
D. The avails from the sales of services in Wards 1, 2, and 8 of Calcasieu Parish shall be deposited in and credited to the Calcasieu Visitor Enterprise Fund as provided in La. Rev. Stat. 47:302.14 and shall be subject to the provisions of La. Rev. Stat. 47:302.14.
Acts 1997, No. 1289, §1, eff. July 1, 1997; Acts 1998, 1st Ex. Sess., No. 33, §1, eff. April 24, 1998; Acts 2019, No. 27, §1, eff. May 30, 2019.