§332.1.  Disposition of certain collections in the parish of Jefferson

A.(1)  The avails of the tax imposed by R.S. 47:331 from the sale of services as defined in R.S. 47:301(14)(a) in the parish of Jefferson, exclusive of Ward 11, under the provisions of R.S. 47:331(C) and R.S. 47:332 shall be credited to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all 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 the avails into a special fund which is hereby created in the state treasury and designated as the Jefferson Parish Convention Center Fund.

(2)  The avails of the tax imposed by R.S. 47:331 from the sale of services as defined in R.S. 47:301(14)(a) in Ward 11 in the parish of Jefferson under the provisions of R.S. 47:331(C) and R.S. 47:332 shall be credited to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all 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 the avails into a special fund which is hereby created in the state treasury and designated as the Town of Grand Isle Tourist Commission Enterprise Fund.

B.(1)  The amount of proceeds in the Jefferson Parish Convention Center Fund collected in the city of Kenner shall be available exclusively for operating and maintaining the convention center in the city of Kenner.

(2)  The amount of proceeds in the Jefferson Parish Convention Center Fund collected in all areas on the east side of the Mississippi River in the parish of Jefferson exclusive of the city of Kenner shall be placed in escrow and shall be available exclusively for planning, designing, purchasing or preparing for the purchase of land, and otherwise preparing for the construction, and for the construction, operation, and maintenance of a convention, assembly, or municipal center on the east side of the Mississippi River in the parish of Jefferson.

(3)  The amount of proceeds in the Jefferson Parish Convention Center Fund collected in all areas on the west side of the Mississippi River in the parish of Jefferson shall be available exclusively for planning, designing, purchasing or preparing for the purchase of land, and otherwise preparing for the construction, and for the construction, operation, and maintenance of the John Alario, Sr. Multi-purpose Center on the west side of the Mississippi River in the parish of Jefferson.

(4)  The amount of proceeds in the Town of Grand Isle Tourist Commission Enterprise Fund shall be available exclusively for tourism development purposes and for planning, development, or capital improvements of tourism sites in the town of Grand Isle.  "Capital improvements" means any expenditures for acquiring lands, buildings, equipment, or other permanent properties, or for their construction, preservation, development, or permanent improvement.

C.  The monies in the funds shall be subject to an annual appropriation by the legislature.  The monies shall be appropriated as determined under the provisions of Subsection B of this Section.  All unexpended and unencumbered monies in the funds shall remain in the funds.  The monies in the funds shall be invested by the treasurer in the same manner as monies in the state general fund and all interest earned shall be deposited into the state general fund.

D.(1)  The parish of Jefferson may issue bonds payable from a pledge and dedication of the amounts of proceeds of the tax in the Jefferson Parish Convention Center Fund allocated pursuant to, and for the purposes set forth in, R.S. 47:332.1(B)(2) and (3).  Whenever such bonds are issued, the legislature shall annually appropriate, to the extent of deposits in the Jefferson Parish Convention Center Fund allocated pursuant to R.S. 47:332.1(B)(2) and (3) monies sufficient to pay the principal, interest, and premium, if any, due on the bonds each year. If the legislature, after a diligent and good faith effort, fails to appropriate sufficient monies to pay the principal, interest, and premium, if any, due on the bonds each year, or if such appropriation cannot be effected, the state shall in no way be a party to any contractual rights arising from the bonds issued, nor shall the state be in any way obligated for any payments due to holders of the bonds issued under the provisions of this Paragraph.

(2)  The town of Grand Isle may issue bonds payable from a pledge and dedication of the amounts of proceeds of the tax in the Town of Grand Isle Tourist Commission Enterprise Fund allocated pursuant to, and for the purposes set forth in, R.S. 47:332.1(B)(4).  Whenever such bonds are issued, the legislature shall annually appropriate, to the extent of deposits in the Town of Grand Isle Tourist Commission Enterprise Fund allocated pursuant to R.S. 47:332.1(B)(4) monies sufficient to pay the principal, interest, and premium, if any, due on the bonds each year.  If the legislature, after a diligent and good faith effort, fails to appropriate sufficient monies to pay the principal, interest, and premium, if any, due on the bonds each year, or if such appropriation cannot be effected, the state shall in no way be a party to any contractual rights arising from the bonds issued, nor shall the state be in any way obligated for any payments due to holders of the bonds issued under the provisions of this Paragraph.

Acts 1986, 1st Ex. Sess., No. 9, §1, eff. Dec. 24, 1986; Acts 1989, No. 823, §1, eff. July 1, 1989; Acts 1990, No. 317, §1, eff. July 9, 1990; Acts 1995, No. 193, §5, eff. June 14, 1995; Acts 1999, No. 840, §1, eff. July 1, 1999.