§727. Disposition of collections
A. The secretary shall forward the full amount of taxes collected by him pursuant to R.S. 47:711, including all collections of interest, penalties, and costs applicable to such taxes to the treasurer of the state immediately upon receipt to be credited by the treasurer monthly as provided by Article VII, Section 9 of the Constitution of Louisiana, except that this Section shall not be construed or applied in such a manner as to impair the obligation, validity, or security of any outstanding bonds or other debt obligations authorized in the Louisiana Constitution of 1921.
B. Until the outstanding bonds or other debt obligations heretofore issued and to be paid from the proceeds of the tax collected hereunder have been fully paid in principal and interest, the taxes collected hereunder shall be credited by the treasurer in the order and in the proportions as follows:
(1) Nine-twentieths of the amount received from one cent per gallon not to exceed five hundred thousand dollars annually shall be credited to the Board of Commissioners of the Port of New Orleans until such time as the principal of, and the interest on, all of the outstanding bonds heretofore issued by said board of commissioners shall mature or until 2001, whichever is sooner.
(2) The full amount of taxes collected pursuant to R.S. 47:711 remaining after satisfying the requirements set forth in Paragraph (1) of this Subsection shall be credited to the Bond Security and Redemption Fund and thereafter shall be credited by the treasury to the Transportation Trust Fund as provided in Article VII, Section 27 of the Constitution of Louisiana. The monies shall be used solely to fund Transportation Trust Fund programs in the amounts appropriated each year by the legislature. Such monies shall be expended solely from year to year as appropriated by the legislature.
Amended by Acts 1950, No. 213, §1; Acts 1952, No. 5, §2; Acts 1954, No. 644, §1; Acts 1956, No. 81, §1; Acts 1968, Ex.Sess., No. 7, §4; Acts 1975, No. 503, §1; Acts 1977, No. 441, §1; Acts 1980, No. 380, §2; Acts 1984, 1st Ex. Sess. No. 11, §1, eff. July 1, 1984; Acts 1984, No. 272, §1; Acts 1984, No. 320, §1, eff. July 1, 1984; Acts 1987, No. 471, §1, eff. Sept. 1, 1987; Acts 1992, No. 984, §14; Acts 1997, No. 1126, §1, eff. July 1, 1997; Acts 1999, No. 897, §1, eff. July 2, 1999.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.