§322.30.  Disposition of certain collections in the cities of Shreveport and Bossier City

A.  Notwithstanding any provision of law to the contrary, the avails of the tax imposed by this Chapter from the sales of services as defined by R.S. 47:301(14)(a) in the cities of Shreveport and Bossier City under the provisions of R.S. 47:321(C) and 322 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 one-half of the remainder of such funds into a special fund which is hereby created in the state treasury and designated as the "Shreveport-Bossier City Visitor Enterprise Fund".

B.  The monies deposited pursuant to this Section in the Shreveport-Bossier City Visitor Enterprise Fund shall be subject to an annual appropriation by the legislature.  The monies in the fund shall be available exclusively for use by the Shreveport-Bossier Convention and Tourist Bureau for the purpose of promoting and enhancing tourism activities, and for supporting all other activities consistent with the authorized mission of such commission.

C.  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.

Acts 1997, No. 367, §1, eff. July 1, 1997; Acts 2011, No. 378, §1, eff. July 1, 2011.