§ 30:145 — Distribution of mineral royalties to parishes

Louisiana § 30:145

• Jurisdiction: Louisiana
• Title 30: Mortgages and Privileges

Text

§145. Distribution of mineral royalties to parishes
Effective January 1, 1975, and in accordance with the provisions of
Article VII, Section 4(E) of the Louisiana Constitution of 1974, the state
treasurer of the state of Louisiana is hereby authorized and directed to remit
an amount equal to one-tenth of the royalties accruing to the state in each
month from mineral leases on state owned lands, lake and river beds, and other
water bottoms belonging to the state or the title to which is in the public for
mineral development to the governing authority of the parish in which
severance or production occurs. In the calendar year beginning January 1,
1975 and thereafter, the distribution of the aforesaid royalties to the parish
shall be made by the state treasurer on the twentieth day after the last day of
every third month. Notwithstanding the provisions of the preceding sentences,
so long as any bonds issued by a parish payable from a pledge and dedication
of moneys deposited in the Royalty Road Fund established by Article IV,
Section 2, of the Louisiana Constitution of 1921 (the "Royalty Road Fund") or
additional bonds hereafter issued on a parity therewith remain outstanding, or
until irrevocable provision is made for their payment in principal and interest,
the state treasurer, prior to remitting any such royalty payments directly to the
parish in any calendar year shall make all payments required for debt servicing
by the resolutions or other instruments providing for the issuance of such
bonds in that calendar year.

Legislative History

Added by Acts 1975, 1st Ex.Sess., No. 29, §1, eff. Feb. 20, 1975.