§332.22. Disposition of certain collections in St. Bernard Parish

A. The avails of the tax imposed by R.S. 47:302 and the avails of the tax imposed by R.S. 47:331 from the sales of services as defined in R.S. 47:301(14)(a) in the parish of St. Bernard under the provisions of R.S. 47:302(C), 331(C), and 332, as applicable, 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 "St. Bernard Parish Enterprise Fund".

B. The monies in the St. Bernard Parish Enterprise Fund shall be subject to an annual appropriation by the legislature. The monies in the fund shall be available exclusively for tourism purposes and economic development purposes in St. Bernard Parish.

C. The parish of St. Bernard may issue bonds payable from a pledge and dedication of the amounts of proceeds of the tax in the St. Bernard Parish Enterprise Fund. 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.

Acts 1996, 1st Ex. Sess., No. 85, §1, eff. July 1, 1996.