Louisiana Revised Statutes Tit. 4, § 164. Facility maintenance and improvement fund

(1) “Gross profits” means the amount of taxable net slot machine proceeds less the amount of state taxes paid.

(2) “State tax” means the license tax on taxable net slot machine proceeds as provided in R.S. 27:393.

(3) “Taxable net slot machine proceeds” shall have the same meaning as that term is defined in R.S. 27:353.

C. (1) If an association is found not to be in compliance with the minimum standards and infrastructure investments by the date set by the commission for compliance, ten percent of gross profits shall be deposited into the fund, up to a maximum of three million dollars, until such time that all commission-required facility maintenance and improvements have been completed as determined by the commission. Such deposits shall be made at the same time as the state tax is paid.

(2) Once the initial facility maintenance and improvements are completed to the satisfaction of the commission, each association shall continue to maintain a minimum fund balance of three million dollars.

D. (1) For the purposes of the initial maintenance and improvements, the following deadlines shall apply:

(2) Any of the deadlines described in Paragraph (1) of this Subsection may be extended by a majority vote of the membership of the commission for extenuating circumstances including force majeure.

(3) Failure of an association to meet deadlines provided in Subparagraphs (1)(b) and (d) of this Subsection shall constitute grounds for just cause for commission action as provided by R.S. 4:152.

E. (1) If the commission determines that an association is in compliance with the commission's minimum standards and infrastructure investments, the commission may, by a two-thirds vote of the membership, authorize any of the following:

(2) Maintaining compliance with the commission's minimum standards and required infrastructure investment is a continuing obligation of each association. By a majority vote, the commission may reconsider a determination of compliance at any time and revoke any exemption or allowance provided in Paragraph (1) of this Subsection for noncompliance.