§302.34.  Disposition of certain collections in Franklin Parish

A.  The avails of the tax imposed on the sales of services as defined by R.S. 47:301(14)(a) in Franklin Parish under the provisions of R.S. 47:302(C), 321(C), and 331(C)  shall be credited to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all of 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 "Franklin Parish Visitor Enterprise Fund".

B.  The monies in the Franklin Parish Visitor Enterprise Fund shall be subject to annual appropriation by the legislature to the governing authority of Franklin Parish.  The monies in the fund shall be used by the Franklin Parish Tourism Commission for tourism purposes. 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 in the state general fund.

Acts 1997, No. 823, §3, eff. July 1, 1997; Acts 1997, No. 1338, §1, eff. July 1, 1997.