§302.53.  Disposition of certain collections in Concordia Parish

A.  The avails of the tax imposed by this Chapter from the sale of services as defined in R.S. 47:301(14)(a) in Concordia 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 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 "Concordia Parish Economic Development Fund".

B.  The monies in the Concordia Parish Economic Development 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 into the state general fund.

C.  Monies appropriated from the fund shall be available for use by the Concordia Economic and Industrial Development District exclusively for economic development in Concordia Parish.

Acts 2002, 1st Ex. Sess., No. 2, §1, eff. July 1, 2002.