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Regular Session, 2013 ENROLLED
SENATE BILL NO. 50
BY SENATORS ERDEY, AMEDEE AND WHITE AND REPRESENTATIVES
HODGES, MACK, POPE AND SCHEXNAYDER
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. As used in this Section, the following terms shall have the following11
meaning, unless the context requires otherwise:12
(1) "Department" means the Department of Revenue.13
(2) "District" means the Juban Crossing Economic Development14
District, which is the special district with boundaries defined and created by15
Livingston Parish Ordinance No. 07-24 pursuant to the provisions of Part II of16
Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950.17
(3) "Fund" means the Juban Crossing Economic Development District18
Fund.19
(4) "Parish" means Livingston Parish.20
B. Except as provided in R.S. 47:322.21, the avails of the tax imposed by21
R.S. 47:321 and as defined by R.S. 47:301 in the Juban Crossing Economic22
Development District within Livingston Parish shall be credited to the Bond23
Security and Redemption Fund, and after a sufficient amount is allocated from24
that fund to pay all the obligations secured by the full faith and credit of the25 SB NO. 50 ENROLLED
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state which become due and payable within any fiscal year, the treasurer shall1
pay the remainder of such funds into a special fund which is hereby established2
in the state treasury and designated as the Juban Crossing Economic3
Development District Fund.4
C. The monies in the fund shall be subject to annual appropriation by5
the legislature. All unexpended and unencumbered monies in the fund at the6
end of the fiscal year shall remain in the fund. The monies in the fund shall be7
invested by the state treasurer in the same manner as monies in the state8
general fund, and interest earned on the investment of monies shall be credited9
to the fund.10
D. The monies in the fund shall be used for the district's infrastructure,11
including but not limited to costs of construction, on-site and off-site12
preparation costs, public improvements which are essential to the preparation13
for use in accordance with the district's development plans, and any other14
improvements as provided by R.S. 33:9038.36. The monies in the fund may also15
be pledged to secure the repayment of bonds, notes, or other evidences of16
indebtedness, including any renewals, extensions, or refundings thereof, issued17
by the district in order to provide funds for the purposes as provided in this18
Subsection, including necessary and incidental expenses in connection with the19
issuance of the obligations, the payment of principal and interest on the20
obligations of the district, the establishment of reserves to secure such21
obligations, and all other purposes and expenditures of the district incident to22
and necessary or convenient to carry out its public functions and any credit23
enhancement for said obligations.24
E. If the monies in the fund are pledged by the district to secure the25
repayment of bonds, notes or other evidence of indebtedness, deposits to the26
fund shall cease after all bonds, notes, and other evidences of indebtedness of27
the district, including refunding bonds, are paid in full as to both principal and28
interest, and the fund shall cease to exist.29
F. The amount of the state's funding commitment herein shall not exceed30 SB NO. 50 ENROLLED
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a total of forty-five million dollars.1
G. The Department of Revenue shall determine the amount of the avails2
of the tax imposed by R.S. 47:321 and as defined by R.S. 47:301, except R.S.3
47:301(14)(a), from within the geographic boundaries of the district and shall4
report the amount to the state treasurer. As compensation for its obligations5
hereunder, the department is authorized and directed to withhold from said6
avails each month an amount equal to one percent of such avails, not to exceed7
in the aggregate ten thousand dollars within any fiscal year.8
Section 2. This Act shall become effective on July 1, 2013; if vetoed by the governor9
and subsequently approved by the legislature, this Act shall become effective on July 1,10
2013, or on the day following such approval by the legislature, whichever is later.11
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: