§322.28. Disposition of certain collections in Lafayette Parish

A. The avails of the tax imposed by this Chapter from the sales of services as defined by R.S. 47:301(14)(a) in Lafayette Parish under the provisions of R.S. 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 funds into a special fund which is hereby created in the state treasury and designated as the "Lafayette Parish Visitor Enterprise Fund".

B. The monies deposited pursuant to this Section in the Lafayette Parish Visitor Enterprise Fund for Fiscal Year 2000-2001 and thereafter shall be subject to an annual appropriation by the legislature and shall be allocated and used for the following purposes in the following priority:

(1) For the payment of lease payments and principal, interest, or premiums, and other obligations associated with the issuance and security of bonds or other evidences of indebtedness issued under the provisions of this Section for improvements at or adjacent to the Cajundome site.

(2) After providing each fiscal year for the full payment of any obligations set forth in Paragraph (1) of this Subsection, two hundred thousand dollars to the Lafayette Parish Visitors Bureau for museum purposes and for acquisitions related to tourism.

(3) The remainder of such money in the fund for additional planning, development, and capital improvements at or adjacent to the Cajundome site.

C. 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. All interest earned on investment of monies in the fund shall be deposited in the general fund.

D. For the purposes of this Section, "capital improvements" shall mean expenditures for acquiring lands, buildings, equipment, or other permanent properties, or for their construction, preservation, development, or permanent improvement, or for payment of principal, interest, or premium, if any, and other obligations incident to the issuance, security, and payment of bonds or other evidences of indebtedness associated therewith.

Acts 1997, No. 339, §1, eff. July 1, 1997; Acts 1999, No. 172, §1, eff. July 1, 1999; Acts 2001, No. 222, §1, eff. June 1, 2001.