§285.  Disposition of collections

Except as otherwise provided in R.S. 47:284, all monies collected by the secretary under this Chapter, and all interest and penalties thereon, shall be paid to the state treasurer  immediately upon receipt and shall be credited to the state general fund; however, the sum of one million dollars annually shall be credited to the Bond Security and Redemption Fund to be used to retire the bonds authorized by Acts 1969, No. 15.

Amended by Acts 1969, No. 124, §2; Acts 1972, Ex.Sess., No. 11, §2; Acts 1997, No. 1126, §1, eff. July 1, 1997.