Louisiana Revised Statutes 47:322.33 – Disposition of certain collections in Lincoln Parish
Terms Used In Louisiana Revised Statutes 47:322.33
- 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 Lincoln 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 monies into a special fund which is hereby created in the state treasury and designated as the “Lincoln Parish Municipalities Fund”.
B. The monies in the Lincoln Parish Municipalities Fund shall be subject to annual appropriation by the legislature. All unexpended and unencumbered 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. The monies in the fund shall be allocated to the municipalities of Choudrant, Dubach, Simsboro, Grambling, Ruston, and Vienna, which allocation shall be proportionate and shall be based on the population of each municipality to the total population for all such municipalities. Monies allocated under this Section shall be used solely for infrastructure enhancements which support economic development or tourism. Municipalities allocated monies from this fund may combine their monies to achieve local, parish, or regional infrastructure enhancements which support economic development or tourism.
Acts 1997, No. 651, §1, eff. July 1, 1997; Acts 2008, No. 267, §1.