RS 47:302.29: Disposition of certain collections in East Baton Rouge Parish

A. Except as provided in R.S. 47:302.50, the avails of the tax imposed by this Chapter for the sale of services as defined in R.S. 47:301.3(1) in East Baton Rouge Parish 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 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 "East Baton Rouge Parish Community Improvement Fund".

B. The monies in the East Baton Rouge Parish Community Improvement Fund shall be subject to an annual appropriation of the legislature. Fifty percent of the monies in the fund shall be used for urban mass transit in East Baton Rouge Parish and fifty percent of the monies in the fund shall be used for the Research Park Corporation domiciled in East Baton Rouge Parish. The funds allocated herein for urban mass transit shall not be used to displace, replace, or supplant funds previously appropriated or otherwise used for this purpose. 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.