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Regular Session, 2010
SENATE BILL NO. 565
BY SENATOR JACKSON
FUNDS/FUNDING. Provides relative to the purposes of certain collections in the city of
Shreveport. (7/1/10)
AN ACT1
To amend and reenact R.S. 47:302.2(A) and (B) and the introductory paragraph of R.S.2
47:302.2(C) and 332.6, relative to certain collections in the city of Shreveport; to3
provide for the uses of monies in the Shreveport Riverfront and Convention Center4
and Independence Stadium Fund; to provide for an effective date; and to provide for5
related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 47:302.2(A) and (B) and the introductory paragraph of R.S.8
47:302.2(C) and 332.6 are hereby amended and enacted to read as follows: 9
§302.2. Disposition of certain collections in the city of Shreveport 10
A. The avails of the tax imposed by this Chapter from the sale of services as11
defined in R.S. 47:301(14)(a) in the city of Shreveport under the provisions of this12
Chapter shall be credited to the Bond Security and Redemption Fund, and after a13
sufficient amount is allocated from that fund to pay all the obligations secured by the14
full faith and credit of the state which become due and payable within any fiscal15
year, the treasurer shall pay the remainder of such funds into a special fund which16
is hereby created in the state treasury and designated as the "Shreveport Riverfront17 SB NO. 565
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and Convention Center and Independence Stadium Fund", hereinafter referred to1
as "the fund".2
B. The monies in the Shreveport Riverfront and Convention Center and3
Independence Stadium Fund shall be subject to annual appropriation by the4
legislature. The monies in the fund shall be available solely and exclusively for the5
purposes provided in Subsection C of this Section. All unexpended and6
unencumbered monies in the fund shall remain in the fund. The monies in the fund7
shall be invested by the treasurer in the same manner as the monies in the state8
general fund, and all interest earned shall be deposited into the state general fund.9
C. Subject to an annual appropriation by the legislature, monies in the fund10
shall be allocated and used as follows:11
* * *12
§332.6. Disposition of certain collections in the city of Shreveport13
A. The avails of the tax imposed by R.S. 47:302, one-half of the avails of the14
tax imposed by R.S. 47:321, and the avails of the tax imposed by R.S. 47:331 from15
the sales of services as defined in R.S. 47:301(14)(a) in the city of Shreveport under16
the provisions of R.S. 47:302(C), 321(C), 322, 331(C), and 332, as applicable, shall17
be credited to the Bond Security and Redemption Fund, and after a sufficient amount18
is allocated from that fund to pay all the obligations secured by the full faith and19
credit of the state which become due and payable within any fiscal year, the treasurer20
shall pay the remainder of such funds into a special fund which is hereby created in21
the state treasury and designated as the "Shreveport Riverfront and Convention22
Center and Independence Stadium Fund" , hereinafter known as "the fund".23
B. The monies in the Shreveport Riverfront and Convention Center and24
Independence Stadium Fund shall be subject to an annual appropriation by the25
legislature. The monies in the fund shall be available solely and exclusively for the26
purposes provided in R.S. 47:302.2(C). However, forty thousand dollars of the27
monies deposited in the fund shall be allocated annually to Pamoja for African-28
American cultural activities in Shreveport and ten thousand dollars of the monies29 SB NO. 565
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deposited in the fund shall be allocated annually to the Friends of Rho Omega for the1
Good Time Rho Festival. All unexpended and unencumbered monies in the fund2
shall remain in the fund. The monies in the fund shall be invested by the treasurer in3
the same manner as the monies in the state general fund, and all interest earned shall4
be deposited in the state general fund.5
Section 2. This Act shall become effective on July 1, 2010; if vetoed by the governor6
and subsequently approved by the legislature, this Act shall become effective on July 1,7
2010, or on the day following such approval by the legislature, whichever is later.8
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Jay R. Lueckel.
DIGEST
Present law creates the Shreveport Riverfront and Convention Center and Independence
Stadium Fund as a special fund in the state treasury and provides for the deposit into the
fund of certain state sales tax proceeds derived from hotel/motel room rentals within the city
of Shreveport.
Present law provides for investing the monies in the fund and provides for the use of the
monies in the fund pursuant to an annual appropriation by the legislature.
Proposed law retains present law and clarifies that the monies shall be used solely and
exclusively for such purposes.
Effective July 1, 2010.
(Amends R.S. 47:302.2(A), (B),(C) (intro para), and 332.6)