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Louisiana Revised Statutes Tit. 27, § 270. Deposit of revenues; expenditures and investments authorized; transfer of revenues to state treasury; corporation operating account; audit of corporation books and records; audits

Current as of January 01, 2023 | Updated by Findlaw Staff

A. (1) All money received by the corporation from gaming operations and all other sources shall be deposited into a corporate operating account. Such account shall be established in a fiscal agent or depository as defined in R.S. 49:319. The corporation may use all money in the corporate operating account, except those funds withheld pursuant to R.S. 27:260(D), for the purposes of paying necessary expenses of the corporation and dividends to the state. The investment of monies in the corporate operating account shall be determined by rules and regulations promulgated by the corporation.

(2)(a) Quarterly, the corporation shall transfer to the state treasury one percent of its operating account, not to exceed five hundred thousand dollars per fiscal year. These monies shall first be credited to the Bond Security and Redemption Fund in accordance with Article VII, Section 9(B) of the Constitution of Louisiana. Thereafter, the state treasurer shall deposit the monies into the Compulsive and Problem Gaming Fund established by R.S. 28:842.

(b) Quarterly, the corporation shall transfer to the state treasury for deposit into the Compulsive and Problem Gaming Fund provided for in R.S. 28:842 the amount of revenues withheld and remitted in accordance with R.S. 27:260(D).

(3)(a) Daily, the corporation shall transfer to the state treasury for deposit into certain funds in the treasury, as provided in this Paragraph, the amount of net revenues which the corporation determines are surplus to its needs. After first being credited to the Bond Security and Redemption Fund in accordance with Article VII, Section 9(B) of the Constitution of Louisiana, and after satisfying any other requirements of the Constitution and laws of Louisiana, such net revenues shall be allocated and deposited as provided in this Paragraph.

(b)(i) Beginning August 1, 2019, and through March 31, 2022, if the amount received pursuant to R.S. 27:241.1(A) is sixty million dollars or less, the amount received shall be allocated as follows:

(aa) Ten percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in R.S. 17:421.7 and shall be used solely and exclusively for the same purposes provided for in Paragraph (B)(1) of that Section.

(bb) Ninety percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in R.S. 17:421.7.

(ii) Beginning August 1, 2019, and through March 31, 2022, if the amount received pursuant to R.S. 27:241.1(A) is greater than sixty million dollars, after satisfaction of the requirements of Item (i) of this Subparagraph, all residual monies shall be allocated in the following order:

(aa) Three million six hundred thousand dollars shall be deposited in and credited to the Louisiana Early Childhood Education Fund established under R.S. 17:407.30.

(bb) Of the monies remaining after satisfaction of the requirements of Subitem (aa) of this Item, thirty percent shall be distributed by the state treasurer to the governing authority of the parish in which the official gaming establishment is located for use in support of capital infrastructure projects, and seventy percent shall be deposited in and credited to the Community Water Enrichment and Other Improvements Fund established under R.S. 39:100.81.

(c)(i) Beginning April 1, 2022, if the amount received pursuant to R.S. 27:241.1(A) is sixty-five million dollars or less, the amount received shall be allocated as follows:

(aa) Ten percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in R.S. 17:421.7 and shall be used solely and exclusively for the same purposes provided for in Paragraph (B)(1) of that Section.

(bb) Ninety percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in R.S. 17:421.7.

(ii) Beginning April 1, 2022, if the amount received pursuant to R.S. 27:241.1(A) is greater than sixty-five million dollars, after satisfaction of the requirements of Item (i) of this Subparagraph, all residual monies shall be allocated in the following order:

(aa) Three million six hundred thousand dollars shall be deposited in and credited to the Louisiana Early Childhood Education Fund established under R.S. 17:407.30.

(bb) Of the monies remaining after satisfaction of the requirements of Subitem (aa) of this Item, thirty percent shall be distributed by the state treasurer to the governing authority of the parish in which the official gaming establishment is located for use in support of capital infrastructure projects, and seventy percent shall be deposited in and credited to the Community Water Enrichment and Other Improvements Fund established under R.S. 39:100.81.

(d) Net revenues or proceeds shall be determined by deducting from gross corporation revenues the necessary expenses incurred by the corporation in the operation and administration of the casino gaming operations. This shall include the expenses of the corporation, the expenses resulting from any contract or contracts entered into for ordinary and customary business services rendered to the corporation, and the amount required to be transferred to the state treasury pursuant to Paragraph (2) of this Subsection.

B. Repealed by Acts 2012, No. 834, § 13, eff. July 1, 2012.

C. The legislative auditor or person designated by him shall be responsible for an annual financial audit of the books and records of the corporation in accordance with R.S. 24:513. The corporation shall reimburse the legislative auditor for the reasonable costs of any audits performed by him. All such audit reports shall be filed with the governor, the president of the Senate, and the speaker of the House of Representatives. All gaming operators and licensees and the corporation shall cooperate with the auditor or his representatives by giving them access to the facilities and records of the corporation for the purpose of efficient compliance with their respective responsibilities.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 27, § 270. Deposit of revenues; expenditures and investments authorized; transfer of revenues to state treasury; corporation operating account; audit of corporation books and records; audits - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-27-sect-270/

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