§302.45.  Disposition of certain collections in Red River Parish

A.  The avails of the tax imposed by this Chapter from the sales of services as defined by R.S. 47:301(14)(a) in Red River 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 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 "Red River Visitor Enterprise Fund".

B.  The monies in the Red River Visitor Enterprise Fund shall be subject to an annual appropriation by the legislature.  All unexpended and unencumbered monies remaining in the fund at the end of the fiscal year 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.

C.(1)  Except as provided in Paragraph (2) of this Subsection and subject to an annual appropriation by the legislature, the monies in the fund shall be utilized for tourism development and any other purpose as may be provided by law.

(2)  All monies deposited into the fund in accordance with the provisions of R.S. 47:322.40 shall be used by the Coushatta/Red River Chamber of Commerce exclusively for tourism development.

Acts 1999, No. 121, §1, eff. July 1, 1999.