§302.20.  Disposition of certain collections in Terrebonne Parish

A.  The avails of the tax imposed by this Chapter from the sale of services as defined in R.S. 47:301(14)(a) in Terrebonne Parish under the provisions of R.S. 47:302(C) 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 "Houma/Terrebonne Tourist Fund".

B.  The monies in the Houma/Terrebonne Tourist Fund shall be subject to an annual appropriation by the legislature.  In Fiscal Years 1995-1996, 1996-1997, and 1997-1998, the monies in the fund shall be available to the Houma Area Convention and Visitors Bureau to fund the development of tourism and other economic growth projects within the parish of Terrebonne.  Thereafter, fifty percent of the monies in the fund shall be available to the Houma Area Convention and Visitors Bureau and fifty percent of the monies in the fund shall be available to the Houma Downtown Development Corporation to fund the development of tourism and other economic growth projects within the parish of Terrebonne.  All unexpended and unencumbered monies in the fund shall remain in the fund.  The 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 shall be deposited into the state general fund.

Acts 1995, No. 763, §1; Acts 1999, No. 225, §2, eff. June 11, 1999.