§322.11. Disposition of certain collections in Calcasieu Parish

A. The avails of the tax imposed by R.S. 47:321 from the sales of services as defined in R.S. 47:301(14)(a) in Calcasieu Parish under the provisions of R.S. 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 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 Lake Charles Civic Center Authority may issue bonds payable from a pledge and dedication of the amounts of proceeds of the tax in the Lake Charles Civic Center Fund. However, prior to the issuance of such bonds, the Lake Charles Civic Center Authority shall obtain the approval of a majority of the members of the governing authority of Calcasieu Parish, and the approval, given by majority vote, of each other governing authority which appoints members to the Lake Charles Civic Center Authority.

(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.

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 R.S. 47:302.12 and shall be subject to the provisions of R.S. 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 R.S. 47:302.14 and shall be subject to the provisions of R.S. 47:302.14.

Acts 1997, No. 1289, §1, eff. July 1, 1997; Acts 1998, 1st Ex. Sess., No. 33, §1, eff. April 24, 1998.