SLS 12RS-968 REENGROSSED
Page 1 of 4
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2012
SENATE BILL NO. 673
BY SENATORS ERDEY, AMEDEE AND WHI TE
FUNDS/FUNDING. To establish the Juban Crossing Economic Development District Fund
as a special fund in the state treasury and to provide for the disposition of certain sales tax
proceeds within Livingston Parish. (7/1/12)
AN ACT1
To enact R.S. 47:322.21.1, relative to the disposition of certain sales tax collections in2
Livingston Parish; to establish the Juban Crossing Economic Development District3
Fund as a special fund in the state treasury; to provide for the deposit of certain4
monies into the fund; to provide for the uses of monies in the fund; to provide for an5
effective date; and to provide for related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 47:322.21.1 is hereby enacted to read as follows: 8
ยง322.21.1. Disposition of certain collections in the Juban Crossing Economic9
Development District of Livingston Parish10
A. The avails of the tax imposed by R.S. 47:321 and as defined by R.S.11
47:301 in the Juban Crossing Economic Development District within the parish12
of Livingston shall be credited to the Bond Security and Redemption Fund, and13
after a sufficient amount is allocated from that fund to pay all the obligations14
secured by the full faith and credit of the state which become due and payable15
within any fiscal year, the treasurer shall pay the remainder of such funds into16
a special fund which is hereby established in the state treasury and designated17 SB NO. 673
SLS 12RS-968 REENGROSSED
Page 2 of 4
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
as the Juban Crossing Economic Development District Fund, hereinafter1
referred to as the "fund". The Juban Crossing Economic Development District2
shall mean and specifically refers to the special district with boundaries defined3
and created by Livingston Parish Ordinance No. 07-24 pursuant to the4
provisions of Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes5
of 1950.6
B. The monies in the Juban Crossing Economic Development District7
Fund shall be subject to an annual appropriation by the legislature. All8
unexpended and unencumbered monies in the fund at the end of the fiscal year9
shall remain in the fund. The monies in the fund shall be invested by the state10
treasurer in the same manner as monies in the state general fund, and interest11
earned on the investment of monies shall be credited to the fund.12
C. The monies in the fund shall be used for the Juban Crossing13
Economic Development District's infrastructure including but not limited to14
costs of construction, on- and off-site preparation costs, public improvements15
within the economic development district which are essential to the preparation16
for use in accordance with the district's development plans, and any other17
improvements as provided by R.S. 33:9038.36. The monies in the fund may also18
be pledged to secure the repayment of bonds, notes, or other evidences of19
indebtedness, including any renewals, extensions, or refundings thereof, issued20
by the Juban Crossing Economic Development District in order to provide21
funds for the purposes as provided in this Subsection, including necessary and22
incidental expenses in connection with the issuance of the obligations, the23
payment of principal and interest on the obligations of the Juban Crossing24
Economic Development District, the establishment of reserves to secure such25
obligations, and all other purposes and expenditures of the district incident to26
and necessary or convenient to carry out its public functions and any credit27
enhancement for said obligations.28
D. If the monies in the fund are pledged by the Juban Crossing29 SB NO. 673
SLS 12RS-968 REENGROSSED
Page 3 of 4
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Economic Development District to secure the repayment of bonds, notes or1
other evidence of indebtedness, deposits to the fund shall cease after all bonds,2
notes, and other evidences of indebtedness of the district, including refunding3
bonds are paid in full as to both principal and interest, and the fund shall cease4
to exist.5
E. The amount of the state's funding commitment herein shall not6
exceed a total of forty-five million dollars.7
F. The Department of Revenue shall determine the amount of the avails8
of the tax imposed by R.S. 47:321 and as defined by R.S. 47:301 from within the9
geographic boundaries of the Juban Crossing Economic Development District10
and shall report the amount to the state treasury. As compensation for its11
obligations hereunder, the Department of Revenue is authorized and directed12
to withhold from said avails each month an amount equal to one percent of such13
avails, not to exceed in the aggregate ten thousand dollars within any fiscal year.14
Section 2. This Act shall become effective on July 1, 2012; if vetoed by the governor15
and subsequently approved by the legislature, this Act shall become effective on July 1,16
2012, or on the day following such approval by the legislature, whichever is later.17
The original instrument was prepared by Jay Lueckel. The following digest,
which does not constitute a part of the legislative instrument, was prepared
by Linda Nugent.
DIGEST
Erdey (SB 673)
Proposed law provides that the avails of the tax imposed by R.S. 47:321 and as defined by
R.S. 47:301 in the Juban Crossing Economic Development District within the parish of
Livingston, a special district created by Livingston Parish Ordinance No. 07-24 pursuant to
the provisions of Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950,
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 established in the state treasury,
and designated as the Juban Crossing Economic Development District.
Proposed law provides that the monies in the Juban Crossing Economic Development
District Fund shall be subject to an annual appropriation by the legislature and all
unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain
in the fund. Provides for investment of monies in the fund and that interest earnings be
credited to the fund. SB NO. 673
SLS 12RS-968 REENGROSSED
Page 4 of 4
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Proposed law provides that the monies in the fund shall be used for the Juban Crossing
Economic Development District's infrastructure including, but not limited to, costs of
construction, on- and off-site preparation costs, public improvements within the economic
development district which are essential to the preparation for use in accordance with the
district's development plans, and any other improvements as provided by law for such
projects.
Proposed law provides that monies in the fund may also be pledged to secure the repayment
of bonds, notes, or other indebtedness issued by the district. Further provides that when such
bonds or other indebtedness is fully paid, deposits to the fund shall cease and the fund shall
cease to exist.
Proposed law limits the amount of the state's funding commitment to $45 million.
Proposed law requires the Dept. of Revenue to determine the amount of the avails of the tax
and report the amount to the state treasury. As compensation for its obligations, the
department may collect an amount equal to one percent of the avails, not to exceed $10,000
in a fiscal year.
Effective July 1, 2012.
(Adds R.S. 47:322.21.1)
Summary of Amendments Adopted by Senate
Senate Floor Amendments to engrossed bill
1. Authorizes use of funds as security for debt or obligations of the district.
2. Limits the amount of the state's funding commitment to $45 million.
3. Allows Dept. of Revenue to collect a fee for determining amount of avails of
taxes.
4. Decreased state tax from two cents to one cent.