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Louisiana Revised Statutes Tit. 47, § 318. Disposition of collections

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

A. All monies collected under this Chapter shall be immediately paid into the state treasury, upon receipt, and first credited to the Bond Security and Redemption Fund as provided in Article VII, Section 9(B) of the Constitution of Louisiana; then an amount equal to four-tenths of one percent of all monies collected under this Chapter, and Chapters 2-A and 2-B of this Subtitle shall be used as provided in this Section. The dedication of revenues provided for in this Subsection shall in no way be interpreted to include any monies collected pursuant to the taxes imposed under R.S. 47:321.1.

B. (1) There is hereby established in the state treasury a special fund which shall be designated the “Marketing Fund”. Of the amount determined pursuant to Subsection A of this Section, two million dollars annually shall be deposited in and credited to the Marketing Fund. 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 on the investment of such monies shall be deposited in the state general fund. All unencumbered and unexpended monies in the fund at the end of each fiscal year shall remain in the fund.

(2) Monies in the fund shall be subject to annual appropriation to Louisiana Economic Development for the following purposes:

(a) A minimum of one million dollars annually for regional or local economic development marketing, following guidelines to be developed by the secretary for objective, performance-based criteria for the distribution of these funds.

(b) A minimum of one million dollars annually for advertising, marketing, and promotional activities.

C. Repealed by Acts 2001, No. 7, § 2, eff. July 1, 2001.

D. After satisfying the requirements of Subsection B of this Section, the remaining portion of the amount determined pursuant to Subsection A of this Section shall be deposited in the Louisiana Economic Development Fund created by R.S. 51:2315 dedicated exclusively to Louisiana Economic Development-Debt Service and State Commitments.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 47, § 318. Disposition of collections - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-47-sect-318/

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