§ 47:302.50 — Disposition of certain collections in the city of Baker

Louisiana § 47:302.50

• Jurisdiction: Louisiana
• Title 47: Revenue and Taxation

Text

§302.50. Disposition of certain collections in the city of Baker
A. The avails of the tax imposed by this Chapter from the sales of services as defined
by R.S. 47:301.3(1) in the city of Baker under the provisions of R.S. 47:302(C) shall be
credited to the Bond Security and Redemption Fund, and after a sufficient amount is
allocated from that fund to pay all of the obligations secured by the full faith and credit of
the state which become due and payable within any fiscal year, the treasurer shall pay the
remainder of such funds into a special fund which is hereby created in the state treasury and
designated as the "Baker Economic Development Fund".
B. The monies in the Baker Economic Development Fund shall be subject to an
annual appropriation by the legislature. All unexpended and unencumbered monies
remaining in the fund at the end of the fiscal year shall remain in the fund. The monies in
the fund shall be invested by the treasurer in the same manner as the monies in the state
general fund, and all interest earned shall be deposited in the state general fund.
C. Subject to an annual appropriation by the legislature, the monies in the fund shall
be utilized for such economic development purposes as may be authorized by the governing
authority of the city of Baker.

Legislative History

Acts 1999, No. 1324, §1, eff. July 1, 1999; Acts 2025, No. 384, §8(B), eff. June 20, 2025.