2011 Louisiana Laws
Revised Statutes
TITLE 47 — Revenue and taxation
RS 47:302.2 — Disposition of certain collections in the city of shreveport

§302.2. Disposition of certain collections in the city of Shreveport

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 the city of Shreveport 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 "Shreveport Riverfront and Convention Center and Independence Stadium Fund".

B. The monies in the Shreveport Riverfront and Convention Center and Independence Stadium Fund shall be subject to annual appropriation by the legislature. The monies in the fund shall be available exclusively for the purposes provided in Subsection C of this Section. All unexpended and unencumbered monies in the fund 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. Subject to an annual appropriation by the legislature, monies in the fund shall be used as follows:

(1) For allocation from all monies in the fund in the following amounts:

(a) Three percent to the Theater of the Performing Arts of Shreveport.

(b) Three percent for African-American Multi-Cultural Tourism Commission.

(c) Two and two-thirds percent for Sci-Port Discovery Center.

(d) One and one-third percent deposited into a special account in the fund for the expenditure and exclusive use of the Louisiana State Exhibit Museum in Shreveport. All unexpended and unencumbered monies in this special account at the close of the fiscal year shall remain in the account.

(e) Three percent for the following:

(i) One percent for the New Arts Cultural Society, Inc.

(ii) One percent for Pamoja Art Society.

(iii) One percent for the Sci-Port Discovery Center for outreach activities to underserved populations.

(f) The monies allocated to the entities in Subparagraph (c) of this Paragraph shall be used to pay for admission costs for Caddo Parish school system students who meet the definition of "At-Risk Children" as defined by the State Board of Elementary and Secondary Education. The monies allocated to the Louisiana State Exhibit Museum in Shreveport shall be deposited in the general operating budget of that entity.

(2) All other monies remaining in the fund shall be used for riverfront and convention center development in the city of Shreveport and for renovation, expansion, or maintenance of Independence Stadium and related facilities in Shreveport, including but not limited to capital improvements with respect thereto. Bonds may be issued for purposes authorized in this Section payable from a pledge and dedication of monies to be used for such purposes as provided in this Section. For the purposes of this Section, "capital improvements" shall mean expenditures for acquiring lands, buildings, equipment or other permanent properties, or for their construction, preservation, development, or permanent improvement, or for payment of principal, interest, or premium, if any, and other obligations incident to the issuance, security, and payment of bonds or other evidences of indebtedness associated therewith.

Acts 1992, No. 957, §1, eff. July 1, 1992; Acts 1999, No. 1071, §1, eff. July 1, 1999; Acts 2001, No. 458, §1, eff. June 21, 2001; Acts 2005, No. 476, §1, eff. July 1, 2005; Acts 2011, No. 378, §1, eff. July 1, 2011.

NOTE: See Acts 1992, No. 957, §2 as amended by Acts 1999, No. 1071, §§2 and 3 and R.S. 47:332.6.