§302.12. Disposition of certain collections in Calcasieu 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 Wards 4, 5, 6, and 7 of Calcasieu 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 "West Calcasieu Community Center Fund".
B. The monies in the West Calcasieu Community Center Fund shall be subject to an annual appropriation by the legislature. The monies in the fund shall be available exclusively for operating expenses, capital improvements, and maintenance for the West Calcasieu Community Center in Calcasieu Parish. 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.(1) The West Calcasieu Parish Community Center Authority may issue bonds payable from a pledge and dedication of the amounts of proceeds of the tax in the West Calcasieu Community Center Fund. However, prior to the issuance of such bonds, the West Calcasieu Parish Center Authority shall obtain the approval of a majority of the members of the governing authority of Calcasieu Parish who represent all or a portion of Wards 4, 5, 6, and 7 of the parish, and the approval, given by majority vote, of each other governing authority which appoints members to the West Calcasieu Parish Center Authority.
(2) Whenever such bonds are issued, the legislature shall annually appropriate, to the extent of deposits in the fund, 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 can not 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 Section.
Acts 1993, No. 472, §1, eff. July 1, 1993; Acts 1995, No. 69, §1, eff. June 12, 1995; Acts 2008, No. 620, §1, eff. July 1, 2008.