The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Jerry J. Guillot.
DIGEST
SB 162 Engrossed 2021 Regular Session Henry
Present law establishes the Major Events Incentive Program and the Major Events Incentive Program
Subfund (subfund) in the state treasury as a special subfund in the Mega-Project Development Fund.
Present law provides that beginning with the 2015-2016 Fiscal Year and for each fiscal year
thereafter, and after allocation of money to the Bond Security and Redemption Fund, the treasurer
shall transfer in and credit to the subfund the amount appropriated to the fund by the legislature.
Provides that in determining the amount of the annual appropriation to the fund, the legislature shall
consider the contracts which have been entered into pursuant to present law as well as any
recruitment efforts being made by the local organizing committee for qualified events.
Present law provides that monies in the subfund shall be invested in the same manner as monies in
the Louisiana Mega-Project Development Fund and any interest earned on the investment of monies
in the subfund shall be credited to the subfund. Provides that all unexpended and unencumbered
monies in the subfund at the end of the fiscal year shall remain in the subfund.
Present law provides that the secretary of the Department of Economic Development may enter into
a contract with a local organizing committee, endorsing parish, or endorsing municipality to recruit,
solicit, or acquire for Louisiana any qualified event that will have a significant positive impact on
economic development in the state. Provides that the contract shall provide for a financial
commitment to the local organizing committee, endorsing parish, or endorsing municipality which
shall be subject to legislative appropriation. Provides that prior to executing the contract, the
secretary shall obtain the approval of the commissioner of administration and the Joint Legislative
Committee on the Budget.
Present law authorizes the Joint Legislative Committee on the Budget to meet in executive session
pursuant to the procedures and requirements of R.S. 42:18 when the members have reason to believe
that the discussion at such meeting may otherwise result in the public disclosure of information
which may negatively impact the ability of the local organizing committee, endorsing parish, or
endorsing municipality to recruit, solicit, or acquire for Louisiana any qualified event.
Requires that the treasurer disburse monies to an eligible entity only in accordance with a legislative
appropriation.
Present law provides that an event not included in the definition of qualified event is ineligible for
funding. Provides that a qualified major event may receive funding only if such event meets either
of the following conditions:
(1)After considering through a highly competitive selection process one or more sites that are not located in this state, a site selection organization selects a site located in this state for an
event to be held once, or for an event scheduled to be held annually for a period of years
under an event contract.
(2)A site selection organization selects a site in this state as the sole site for the event.
(3)The event is held not more frequently than annually.
Proposed law retains present law
Present law provides that "qualified event" or "qualified major event" includes a National Collegiate
Athletic Association Division I Football Bowl Subdivision postseason playoff or championship
game.
Proposed law deletes "playoff or championship" to provide that qualified event includes a National
Collegiate Athletic Association Division I Football Bowl Subdivision postseason game.
Effective August 1, 2021.
(Amends R.S. 51:2365.1(A)(5))