§ 47:9030 — Acceptance and expenditure of monies by corporation; corporation to be self-sustaining and self-funded

Louisiana § 47:9030

• Jurisdiction: Louisiana
• Title 47: Revenue and Taxation

Text

A. The corporation may accept and expend, in accordance with the provisions of this Subtitle, such monies as may be appropriated by the legislature or such monies as may be received from any source, including income from the corporation's operations, for effectuating its corporate purposes including the payment of the initial expenses of administration and operation of the corporation and the lottery.
B. After the repayment of any appropriated funds provided to the corporation by the state, the corporation shall be self sustaining and self-funded. Monies in the state general fund shall not be used or obligated to pay the expenses of the corporation or prizes of the lottery, and no claim for the payment of an expense of the lottery or prizes of the lottery may be made against any monies other than monies credited to the corporate operating account.
C. Federally insured financial institutions may be utilized by the corporation to distribute lottery tickets to retailers.

Legislative History

Acts 1990, No. 1045, §1, eff. Nov. 7, 1990.