La. R.S. 47:302.41 — Disposition of certain collections in Livingston 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 Livingston 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 "Livingston Parish Tourism Improvement Fund".
B. The monies in the Livingston Parish Tourism and Economic Development Fund
shall be subject to annual appropriation by the legislature. Fifty percent of the monies in the
fund shall be available exclusively for use by the Livingston Parish Convention and Visitors'
Bureau for the purpose of promoting and enhancing tourism activities, and for supporting all
other activities consistent with the authorized mission of such bureau. The remaining fifty
percent shall be available exclusively for use by the Livingston Economic Development
Council for the purpose of acquisition, development, and promotion of industrial parks
within Livingston 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.