§302.41. Disposition of certain collections in Livingston Parish

A. The avails of the tax imposed by this Chapter from the sale of services as defined in R.S. 47:301(14)(a) in Livingston Parish under the provisions of R.S. 47:302(C) shall be credited to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all 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 fund which is hereby created in the state treasury and designated as the "Livingston Parish Tourism Improvement Fund".

B. The monies in the Livingston Parish Tourism and Economic Development Fund shall be subject to annual appropriation by the legislature. Fifty percent of the monies in the fund shall be available exclusively for use by the Livingston Parish Tourist Commission for the purpose of promoting and enhancing tourism activities, and for supporting all other activities consistent with the authorized mission of such commission. The remaining fifty percent shall be available exclusively for use by the Livingston Economic Development Council for the purpose of acquisition, development, and promotion of industrial parks within Livingston 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 state general fund, and all interest earned shall be deposited into the state general fund.

Acts 1997, No. 337, §1, eff. July 1, 1997; Acts 1999, No. 137, §1, eff. July 1, 1999.