This text of Louisiana § 4:200 (Fixed Odds Horse Wagering Purse Supplement Fund; creation) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§200. Fixed Odds Horse Wagering Purse Supplement Fund; creation
A.There is hereby created in the state treasury a special fund to be known as the
Fixed Odds Horse Wagering Supplement Fund, hereafter referred to in this Section as the
"fund".
B.Any appropriation by the legislature to the commission from the fund shall be
utilized to supplement breeder awards and purses for Louisiana bred thoroughbreds and
quarter horses 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.
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§200. Fixed Odds Horse Wagering Purse Supplement Fund; creation
A. There is hereby created in the state treasury a special fund to be known as the
Fixed Odds Horse Wagering Supplement Fund, hereafter referred to in this Section as the
"fund".
B. Any appropriation by the legislature to the commission from the fund shall be
utilized to supplement breeder awards and purses for Louisiana bred thoroughbreds and
quarter horses 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D. Monies in the fund shall only be withdrawn pursuant to an appropriation by the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) Fifty-five percent of the funds appropriated to the commission pursuant to this
Section shall be allocated and provided to the Horsemen's Bookkeeper to be used as purses
at the licensed racing associations in the state that 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.
(2) Twenty-four percent of the funds appropriated to the commission pursuant to this
Section shall be allocated and provided to the Horsemen's Bookkeeper to be used as purses
at 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.
(3) Fourteen percent of the funds appropriated to the commission pursuant to this
Section shall be allocated and provided to the Louisiana Thoroughbred Breeders Association
to be used for breeder awards.
(4) Seven percent of the funds appropriated to the commission pursuant to this
Section shall be allocated and provided to the Louisiana Quarter Horse Breeders Association
to be used for breeder awards.