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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2012 ENROLLED
SENATE BILL NO. 673
BY SENATORS ERDEY, AMEDEE AND WHI TE
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
as the Juban Crossing Economic Development District Fund, hereinafter18
referred to as the "fund". The Juban Crossing Economic Development District19
shall mean and specifically refers to the special district with boundaries defined20
and created by Livingston Parish Ordinance No. 07-24 pursuant to the21
provisions of Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes22
of 1950.23 SB NO. 673 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
B. The monies in the Juban Crossing Economic Development District1
Fund shall be subject to an annual appropriation by the legislature. All2
unexpended and unencumbered monies in the fund at the end of the fiscal year3
shall remain in the fund. The monies in the fund shall be invested by the state4
treasurer in the same manner as monies in the state general fund, and interest5
earned on the investment of monies shall be credited to the fund.6
C. The monies in the fund shall be used for the Juban Crossing7
Economic Development District's infrastructure including but not limited to8
costs of construction, on- and off-site preparation costs, public improvements9
within the economic development district which are essential to the preparation10
for use in accordance with the district's development plans, and any other11
improvements as provided by R.S. 33:9038.36. The monies in the fund may also12
be pledged to secure the repayment of bonds, notes, or other evidences of13
indebtedness, including any renewals, extensions, or refundings thereof, issued14
by the Juban Crossing Economic Development District in order to provide15
funds for the purposes as provided in this Subsection, including necessary and16
incidental expenses in connection with the issuance of the obligations, the17
payment of principal and interest on the obligations of the Juban Crossing18
Economic Development District, the establishment of reserves to secure such19
obligations, and all other purposes and expenditures of the district incident to20
and necessary or convenient to carry out its public functions and any credit21
enhancement for said obligations.22
D. If the monies in the fund are pledged by the Juban Crossing23
Economic Development District to secure the repayment of bonds, notes or24
other evidence of indebtedness, deposits to the fund shall cease after all bonds,25
notes, and other evidences of indebtedness of the district, including refunding26
bonds are paid in full as to both principal and interest, and the fund shall cease27
to exist.28
E. The amount of the state's funding commitment herein shall not29
exceed a total of forty-five million dollars.30 SB NO. 673 ENROLLED
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
F. The Department of Revenue shall determine the amount of the avails1
of the tax imposed by R.S. 47:321 and as defined by R.S. 47:301 from within the2
geographic boundaries of the Juban Crossing Economic Development District3
and shall report the amount to the state treasury. As compensation for its4
obligations hereunder, the Department of Revenue is authorized and directed5
to withhold from said avails each month an amount equal to one percent of such6
avails, not to exceed in the aggregate ten thousand dollars within any fiscal year.7
Section 2. This Act shall become effective on July 1, 2012; if vetoed by the governor8
and subsequently approved by the legislature, this Act shall become effective on July 1,9
2012, or on the day following such approval by the legislature, whichever is later.10
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: