La. R.S. 47:302.14 — 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. 47:301.3(1) 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.