§ 4:199 — Sports Wagering Purse Supplement Fund; creation

Louisiana § 4:199

• Jurisdiction: Louisiana
• Title 4: Amusements and Sports

Text

§199. Sports Wagering Purse Supplement Fund; creation
A. There is hereby created in the state treasury a special fund to be known as the
Sports Wagering Purse Supplement Fund, hereafter referred to in this Section as the "fund".
B. Any appropriation by the legislature to the Louisiana State Racing Commission
from the fund shall be utilized to supplement purses as provided in this Section.
C. Monies in the fund shall be invested by the state treasurer in the same manner as
monies in the state general fund. Interest earned on the investments of monies in the fund
shall be deposited in and credited to the fund. Unexpended and unencumbered monies in the
fund at the end of the fiscal year shall remain in the fund.
D. Monies in the fund shall only be withdrawn pursuant to an appropriation by the
legislature solely to implement the provisions of this Section.
E. Each fiscal year, the commission shall allocate any appropriations received
pursuant to R.S. 27:625(G)(4) as follows:
(1) Two-thirds of the funds appropriated to the commission pursuant to this
Paragraph shall be allocated and provided to the licensed racing associations in the state
which conduct live horse racing on the basis of the proportion of the number of thoroughbred
race days each association conducted for the preceding year bears to the total number of
thoroughbred race days conducted statewide for the preceding year, and such funds shall be
used solely to supplement purses in accordance with a schedule or formula established by the
purse committee of the Louisiana Thoroughbred Breeders Association on Louisiana-bred
thoroughbred races.
(2) One-third of the funds appropriated to the commission pursuant to this Paragraph
shall be allocated and provided to the licensed racing associations in the state which conduct
live horse racing on the basis of the proportion of the number of quarter horse race days each
association conducted for the preceding year bears to the total number of quarter horse race
days conducted statewide for the preceding year, and such funds shall be used solely to
supplement purses in accordance with a schedule or formula established by the purse
committee of the Louisiana Quarter Horse Breeders Association on Louisiana-bred quarter
horse races.

Legislative History

Acts 2021, No. 435, §2, eff. June 21, 2021.