§302.39.  Disposition of certain collections in DeSoto Parish

A.  The avails of the tax imposed by this Chapter and by R.S. 47:321 and 331, from the sale of services as defined in R.S. 47:301(14)(a) in DeSoto Parish under the provisions of this Chapter 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 "DeSoto Parish Visitor Enterprise Fund".

B.  The monies in the DeSoto Parish Visitor Enterprise Fund shall be subject to annual appropriation by the legislature, and then only to the DeSoto Parish Tourism Commission, the DeSoto Parish Chamber of Commerce, and the Logansport Chamber of Commerce.  All unexpended and unencumbered 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.  Of the total monies appropriated from the fund in any fiscal year, fifty percent shall be allocated to the DeSoto Parish Tourism Commission, thirty-five percent shall be allocated to the DeSoto Parish Chamber of Commerce, and fifteen percent shall be allocated to the Logansport Chamber of Commerce.  Such monies shall be used solely and exclusively for tourism purposes, including the promotion of fairs and festivals in DeSoto Parish, and for economic development purposes in DeSoto Parish.

Acts 1997, No. 1289, §1, eff. July 1, 1997; Acts 2006, No. 161, §1, eff. July 1, 2006.