Louisiana HB 582: FUNDS/FUNDING: Provides relative to the dedication of state tax revenues generated in Orleans Parish from slot machine proceeds

Bill Text

HLS 20RS-845 ORIGINAL
2020 Regular Session
HOUSE BILL NO. 582
BY REPRESENTATIVE HILFERTY
FUNDS/FUNDING: Provides relative to the dedication of state tax revenues generated in
Orleans Parish from slot machine proceeds
1 AN ACT
2 To amend and reenact R.S. 27:392(C), relative to the dedication of state tax revenues
3 generated in Orleans parish from slot machine proceeds; to provide relative to the
4 deposit of proceeds in certain funds; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 27:392(C) is hereby amended and reenacted to read as follows:
7 §392. Collection and disposition of fees and taxes
8 * * *
9 C. Notwithstanding the provisions of Subsection B of this Section to the
10 contrary and after complying with the provisions of Paragraphs (1) through (3) of
11 Subsection B of this Section, the state treasurer shall in each fiscal year deposit and
12 credit the remaining portion of taxable net slot machine proceeds collected from the
13 licensed eligible facility in Orleans Parish as follows:
14 (1) Thirty percent, not to exceed two million dollars, shall be deposited in
15 and credited to the Beautification and Improvement of the New Orleans City Park
16 Fund. Monies in the such fund shall be used solely and exclusively for the purposes
17 as specified in R.S. 27:392(B)(7).
18 (2) Twenty percent, not to exceed one million dollars, shall be deposited in
19 and credited to the Greater New Orleans Sports Foundation Fund, hereinafter
20 referred to in this Paragraph as the "fund", which is hereby established in the state
Page 1 of 4
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.

HB NO. 582
HLS 20RS-845 ORIGINAL
1 treasury. Monies in the fund shall be withdrawn only pursuant to appropriation by
2 the legislature and shall be used solely and exclusively by the Greater New Orleans
3 Sports Foundation. Monies in the fund shall be invested in the same manner as
4 monies in the state general fund. Interest earned on the investment of monies in the
5 fund shall be credited to the fund. Unexpended and unencumbered monies in the
6 fund at the end of the fiscal year shall remain in the fund Greater New Orleans Sports
7 Foundation Fund.
8 (3) Twenty percent, not to exceed one hundred thousand dollars annually,
9 shall be deposited in and credited to the Algiers Economic Development Foundation
10 Fund, hereinafter referred to in this Paragraph as the "fund", which is hereby
11 established in the state treasury. Monies in the fund shall be withdrawn only
12 pursuant to appropriation by the legislature and shall be used solely and exclusively
13 by the Algiers Economic Development Foundation. Monies in the fund shall be
14 invested in the same manner as monies in the state general fund. Interest earned on
15 the investment of monies in the fund shall be credited to the fund. Unexpended and
16 unencumbered monies in the fund at the end of the fiscal year shall remain in the
17 fund Algiers Economic Development Foundation Fund.
18 (5) Five percent, not to exceed one hundred thousand dollars annually, shall
19 be deposited in and credited to the Beautification Project for New Orleans
20 Neighborhoods Fund, hereinafter referred to in this Paragraph as the "fund", which
21 is hereby established in the state treasury. Monies in the fund shall be withdrawn
22 only pursuant to appropriation by the legislature and shall be used solely and
23 exclusively by the Beautification Project for New Orleans Neighborhoods, Inc.
24 Monies in the fund shall be invested in the same manner as monies in the state
25 general fund. Interest earned on the investment of monies in the fund shall be
26 credited to the fund. Unexpended and unencumbered monies in the fund at the end
27 of the fiscal year shall remain in the fund Beautification Project for New Orleans
28 Neighborhoods Fund.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.

HB NO. 582
HLS 20RS-845 ORIGINAL
1 (6) Five percent, not to exceed one hundred thousand dollars annually, shall
2 be deposited in and credited to the Friends of NORD Fund, hereinafter referred to
3 in this Paragraph as the "fund", which is hereby established in the state treasury.
4 Monies in the fund shall be withdrawn only pursuant to appropriation by the
5 legislature and shall be used solely and exclusively by the Friends of NORD, Inc.
6 Monies in the fund shall be invested in the same manner as monies in the state
7 general fund. Interest earned on the investment of monies in the fund shall be
8 credited to the fund. Unexpended and unencumbered monies in the fund at the end
9 of the fiscal year shall remain in the fund Friends of NORD Fund.
10 (7) After making the deposits as required by Paragraphs (1) through (6) of
11 this Subsection, the state treasurer shall deposit in and credit to the New Orleans
12 Sports Franchise Assistance Fund wh