§332.9. Disposition of certain collections in parish of Lafayette

A. The avails of the tax imposed by R.S. 47:331 from the sale of services as defined in R.S. 47:301(14)(a) in the parish of Lafayette under the provisions of R.S. 47:331(C) and 332 shall be credited to the Bond Security and Redemption Fund and after a sufficient amount is allocated from that fund to pay all 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 "Lafayette Parish Visitor Enterprise Fund".

B.(1) The monies deposited pursuant to this Section in the Lafayette Parish Visitor Enterprise Fund shall be subject to an annual appropriation by the legislature and for Fiscal Years 1993-1994 and 1994-1995 shall be allocated one-third to the Acadian Village and two-thirds to Vermilionville. For Fiscal Year 1995-1996, the money deposited in the fund pursuant to this Section shall be allocated and used for the following purposes in the following priority:

(a) Fifty thousand dollars for capital improvements to the Lafayette Children's Museum.

(b) Fifty thousand dollars to Creole, Inc. for the Creole Museum.

(c) Thirty thousand six hundred dollars as Lafayette Parish's pro rata contribution for the Jean Lafitte Scenic Byway District.

(d) An amount to Lafayette Parish sufficient to construct the Milton Visitors Improvement Project up to ten thousand dollars.

(e) The remainder of such money in the fund for Fiscal Year 1995-1996, and the money deposited in the fund pursuant to this Section for all fiscal years thereafter, shall be allocated and used exclusively for planning, development, or capital improvements at the Cajundome site in the city of Lafayette.

(2) All unexpended and unencumbered monies in the fund 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 into the state general fund.

(3) For the purposes of this Section, "capital improvements" shall mean expenditures for acquiring lands, buildings, equipment, or other permanent properties, or for their construction, preservation, development, or permanent improvement, or for payment of principal, interest, or premium, if any, and other obligations incident to the issuance, security, and payment of bonds or other evidences of indebtedness associated therewith.

Acts 1992, No. 983, §1, eff. for taxable periods on or after July 1, 1993; Acts 1995, No. 757, §1, eff. July 1, 1995; Acts 2013, No. 220, §21, eff. June 11, 2013.