§322.35. Disposition of certain collections in LaSalle 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 LaSalle 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 "LaSalle Economic Development District Fund".

B. The monies in the LaSalle Economic Development District Fund shall be subject to an annual appropriation by the legislature. Sixty-seven and one-half percent of the monies in the fund shall be utilized exclusively for purposes of the LaSalle Economic Development District. Twenty-two and one-half percent of the monies in the fund shall be utilized exclusively for the LaSalle Parish Museum. Ten percent of the monies in the fund shall be utilized exclusively for purposes of the Centennial Cultural Center. All unexpended and unencumbered monies remaining in the fund at the end of the fiscal year 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 in the state general fund.

Acts 1997, No. 799, §1, eff. July 1, 1997; Acts 1999, No. 381, §1, eff. July 1, 1999; Acts 2001, No. 986, §1, eff. July 1, 2001.