Louisiana § 27:270 Deposit of revenues; expenditures and investments authorized; transfer of revenues

Louisiana Statutes

§ 27:270 — Deposit of revenues; expenditures and investments authorized; transfer of revenues

Louisiana·Title 27 Louisiana Legislature

§270. Deposit of revenues; expenditures and investments authorized; transfer of revenues to state treasury; corporation operating account; audit of corporation books and records; audits A.

(1)All money received by the corporation from gaming operations and all other sources shall be deposited into a corporate operating account. Such account shall be established in a fiscal agent or depository as defined in R.S. 49:319. The corporation may use all money in the corporate operating account, except those funds withheld pursuant to R.S. 27:260(D), for the purposes of paying necessary expenses of the corporation and dividends to the state. The investment of monies in the corporate operating account shall be determined by rules and regulations promulgated by the corporation.

(2)(a) Quarterly, the

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§270. Deposit of revenues; expenditures and investments authorized; transfer of revenues
to state treasury; corporation operating account; audit of corporation books and
records; audits
A.(1) All money received by the corporation from gaming operations and all other
sources shall be deposited into a corporate operating account. Such account shall be
established in a fiscal agent or depository as defined in R.S. 49:319. The corporation may
use all money in the corporate operating account, except those funds withheld pursuant to
R.S. 27:260(D), for the purposes of paying necessary expenses of the corporation and
dividends to the state. The investment of monies in the corporate operating account shall be
determined by rules and regulations promulgated by the corporation.
(2)(a) Quarterly, the corporation shall transfer to the state treasury one percent of its
operating account, not to exceed five hundred thousand dollars per fiscal year. These monies
shall first be credited to the Bond Security and Redemption Fund in accordance with Article
VII, Section 9(B) of the Constitution of Louisiana. Thereafter, the state treasurer shall
deposit the monies into the Compulsive and Problem Gaming Fund established by R.S.
28:842.
(b) Quarterly, the corporation shall transfer to the state treasury for deposit into the
Compulsive and Problem Gaming Fund provided for in R.S. 28:842 the amount of revenues
withheld and remitted in accordance with R.S. 27:260(D).
(3)(a) Daily, the corporation shall transfer to the state treasury for deposit into certain
funds in the treasury, as provided in this Paragraph, the amount of net revenues which the
corporation determines are surplus to its needs. After first being credited to the Bond
Security and Redemption Fund in accordance with Article VII, Section 9(B) of the
Constitution of Louisiana, and after satisfying any other requirements of the Constitution and
laws of Louisiana, such net revenues shall be allocated and deposited as provided in this
Paragraph.
(b)(i) Beginning August 1, 2019, and through March 31, 2022, if the amount
received pursuant to R.S. 27:241.1(A) is sixty million dollars or less, the amount received
shall be allocated as follows:
(aa) Ten percent shall be deposited in and credited to the Support Education in
Louisiana First Fund as provided in R.S. 17:421.7 and shall be used solely and exclusively
for the same purposes provided for in Paragraph (B)(1) of that Section.
(bb) Ninety percent shall be deposited in and credited to the Support Education in
Louisiana First Fund as provided in R.S. 17:421.7.
(ii) Beginning August 1, 2019, and through March 31, 2022, if the amount received
pursuant to R.S. 27:241.1(A) is greater than sixty million dollars, after satisfaction of the
requirements of Item (i) of this Subparagraph, all residual monies shall be allocated in the
following order:
(aa) Three million six hundred thousand dollars shall be deposited in and credited
to the Louisiana Early Childhood Education Fund established under R.S. 17:407.30.
(bb) Of the monies remaining after satisfaction of the requirements of Subitem (aa)
of this Item, thirty percent shall be distributed by the state treasurer to the governing authority
of the parish in which the official gaming establishment is located for use in support of
capital infrastructure projects, and seventy percent shall be deposited in and credited to the
Community Water Enrichment and Other Improvements Fund established under R.S.
39:100.81.
(c)(i) Beginning April 1, 2022, if the amount received pursuant to R.S. 27:241.1(A)
is sixty-five million dollars or less, the amount received shall be allocated as follows:
(aa) Ten percent shall be deposited in and credited to the Support Education in
Louisiana First Fund as provided in R.S. 17:421.7 and shall be used solely and exclusively
for the same purposes provided for in Paragraph (B)(1) of that Section.
(bb) Ninety percent shall be deposited in and credited to the Support Education in
Louisiana First Fund as provided in R.S. 17:421.7.
(ii) Beginning April 1, 2022, if the amount received pursuant to R.S. 27:241.1(A)
is greater than sixty-five million dollars, after satisfaction of the requirements of Item (i) of
this Subparagraph, all residual monies shall be allocated in the following order:
(aa) Three million six hundred thousand dollars shall be deposited in and credited
to the Louisiana Early Childhood Education Fund established under R.S. 17:407.30.
(bb) Of the monies remaining after satisfaction of the requirements of Subitem (aa)
of this Item, thirty percent shall be distributed by the state treasurer to the governing authority
of the parish in which the official gaming establishment is located for use in support of
capital infrastructure projects, and seventy percent shall be deposited in and credited to the
Community Water Enrichment and Other Improvements Fund established under R.S.
39:100.81.
(d) Net revenues or proceeds shall be determined by deducting from gross
corporation revenues the necessary expenses incurred by the corporation in the operation and
administration of the casino gaming operations. This shall include the expenses of the
corporation, the expenses resulting from any contract or contracts entered into for ordinary
and customary business services rendered to the corporation, and the amount required to be
transferred to the state treasury pursuant to Paragraph (2) of this Subsection.
B. Repealed by Acts 2012, No. 834, §13, eff. July 1, 2012.
C. The legislative auditor or person designated by him shall be responsible for an
annual financial audit of the books and records of the corporation in accordance with R.S.
24:513. The corporation shall reimburse the legislative auditor for the reasonable costs of
any audits performed by him. All such audit reports shall be filed with the governor, the
president of the Senate, and the speaker of the House of Representatives. All gaming
operators and licensees and the corporation shall cooperate with the auditor or his
representatives by giving them access to the facilities and records of the corporation for the
purpose of efficient compliance with their respective responsibilities.

Louisiana § 27:270 (Deposit of revenues; expenditures and investments authorized; transfer of revenues) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Acts 1992, No. 384, §1, eff. June 18, 1992; Acts 1995, No. 843, §1, eff. June 27, 1995; Acts 1995, No. 1014, §1; Acts 1995, No. 1215, §1, eff. July 1, 1995. Redesignated from R.S. 4:670 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996; Acts 1997, No. 585, §1, eff. July 1, 1998; Acts 1997, No. 1359, §1, eff. July 1, 1997; Acts 1999, No. 543, §1, eff. July 1, 1999; Acts 2001, 1st Ex. Sess., No. 1, §2, eff. Mar. 21, 2001; Acts 2012, No. 834, §13, eff. July 1, 2012; Acts 2014, No. 167, §1, eff. May 22, 2014; Acts 2019, No. 171, §1.