§302.14. 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 1, 2, 3, and 8 of Calcasieu Parish under the provisions of R.S. 47:302(C) in each fiscal year 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 "Calcasieu Parish Higher Education Improvement Fund".
B.(1) The monies in the Calcasieu Parish Higher Education Improvement Fund shall be appropriated each fiscal year by the legislature solely for the purposes provided for in this Section. Seventy-five percent of the monies in the fund shall be appropriated to McNeese State University and twenty-five percent of the monies in the fund shall be appropriated to SOWELA Technical Community College to be used for planning, development, or capital improvements for each school. 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 fund.
(2) Beginning July 1, 2008, monies in the fund appropriated to McNeese State University and SOWELA Technical Community College shall not replace, displace, or supplant any other funds received from the state or from any other source. Monies appropriated from the fund shall not be considered or used by the Board of Regents in determining or funding the higher education formula.
C.(1) McNeese State University and SOWELA Technical Community College may issue bonds for capital improvements payable from a pledge and dedication of the amounts of proceeds of the tax in the Calcasieu Parish School Improvement Fund.
(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 premiums, 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 full faith and credit of the state shall not be pledged to repay any bonds issued as provided in this Section and 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 Subsection.
D. 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 1995, No. 193, §1, eff. June 14, 1995; Acts 2005, No. 176, §1, eff. July 1, 2005; Acts 2007, No. 208, §2, eff. June 29, 2007.