Louisiana Revised Statutes 27:270 – A.(1) All money received by the corporation from gaming operations and all other sources shall be deposited into a corporate operating account. Such account shall be established in a
Terms Used In Louisiana Revised Statutes 27:270
- Casino gaming operations: means any gaming operations offered or conducted at or in the official gaming establishment. See Louisiana Revised Statutes 27:205
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: means the Louisiana Economic Development and Gaming Corporation, which except as specifically provided in this Chapter shall be a special corporation operated for a public purpose, the ownership interest of which is vested in the state. See Louisiana Revised Statutes 27:205
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Official gaming establishment: means the building or facility described in La. See Louisiana Revised Statutes 27:205
- Person: means any individual, partnership, association, joint stock association or trust, corporation, or other business entity whether incorporated or not. See Louisiana Revised Statutes 27:205
- President: means the president of the corporation. See Louisiana Revised Statutes 27:205
- Security: means the protection of information that would or could provide an unfair advantage to any individual involved in the operation of the casino gaming; protection and preservation of the integrity of casino gaming games and operations; as well as measures taken to prevent crimes against a gaming operator or the corporation. See Louisiana Revised Statutes 27:205
A.(1) All money received by the corporation from gaming operations and all other sources shall be deposited into a corporate operating account. Such account shall be established in a fiscal agent or depository as defined in La. Rev. Stat. 49:319. The corporation may use all money in the corporate operating account, except those funds withheld pursuant to La. Rev. Stat. 27:260(D), for the purposes of paying necessary expenses of the corporation and dividends to the state. The investment of monies in the corporate operating account shall be determined by rules and regulations promulgated by the corporation.
(2)(a) Quarterly, the corporation shall transfer to the state treasury one percent of its operating account, not to exceed five hundred thousand dollars per fiscal year. These monies shall first be credited to the Bond Security and Redemption Fund in accordance with La. Const. Art. VII, § 9(B) . Thereafter, the state treasurer shall deposit the monies into the Compulsive and Problem Gaming Fund established by La. Rev. Stat. 28:842.
(b) Quarterly, the corporation shall transfer to the state treasury for deposit into the Compulsive and Problem Gaming Fund provided for in La. Rev. Stat. 28:842 the amount of revenues withheld and remitted in accordance with La. Rev. Stat. 27:260(D).
(3)(a) Daily, the corporation shall transfer to the state treasury for deposit into certain funds in the treasury, as provided in this Paragraph, the amount of net revenues which the corporation determines are surplus to its needs. After first being credited to the Bond Security and Redemption Fund in accordance with La. Const. Art. VII, § 9(B) , and after satisfying any other requirements of the Constitution and laws of Louisiana, such net revenues shall be allocated and deposited as provided in this Paragraph.
(b)(i) Beginning August 1, 2019, and through March 31, 2022, if the amount received pursuant to La. Rev. Stat. 27:241.1(A) is sixty million dollars or less, the amount received shall be allocated as follows:
(aa) Ten percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in La. Rev. Stat. 17:421.7 and shall be used solely and exclusively for the same purposes provided for in Paragraph (B)(1) of that Section.
(bb) Ninety percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in La. Rev. Stat. 17:421.7.
(ii) Beginning August 1, 2019, and through March 31, 2022, if the amount received pursuant to La. Rev. Stat. 27:241.1(A) is greater than sixty million dollars, after satisfaction of the requirements of Item (i) of this Subparagraph, all residual monies shall be allocated in the following order:
(aa) Three million six hundred thousand dollars shall be deposited in and credited to the Louisiana Early Childhood Education Fund established under La. Rev. Stat. 17:407.30.
(bb) Of the monies remaining after satisfaction of the requirements of Subitem (aa) of this Item, thirty percent shall be distributed by the state treasurer to the governing authority of the parish in which the official gaming establishment is located for use in support of capital infrastructure projects, and seventy percent shall be deposited in and credited to the Community Water Enrichment and Other Improvements Fund established under La. Rev. Stat. 39:100.81.
(c)(i) Beginning April 1, 2022, if the amount received pursuant to La. Rev. Stat. 27:241.1(A) is sixty-five million dollars or less, the amount received shall be allocated as follows:
(aa) Ten percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in La. Rev. Stat. 17:421.7 and shall be used solely and exclusively for the same purposes provided for in Paragraph (B)(1) of that Section.
(bb) Ninety percent shall be deposited in and credited to the Support Education in Louisiana First Fund as provided in La. Rev. Stat. 17:421.7.
(ii) Beginning April 1, 2022, if the amount received pursuant to La. Rev. Stat. 27:241.1(A) is greater than sixty-five million dollars, after satisfaction of the requirements of Item (i) of this Subparagraph, all residual monies shall be allocated in the following order:
(aa) Three million six hundred thousand dollars shall be deposited in and credited to the Louisiana Early Childhood Education Fund established under La. Rev. Stat. 17:407.30.
(bb) Of the monies remaining after satisfaction of the requirements of Subitem (aa) of this Item, thirty percent shall be distributed by the state treasurer to the governing authority of the parish in which the official gaming establishment is located for use in support of capital infrastructure projects, and seventy percent shall be deposited in and credited to the Community Water Enrichment and Other Improvements Fund established under La. Rev. Stat. 39:100.81.
(d) Net revenues or proceeds shall be determined by deducting from gross corporation revenues the necessary expenses incurred by the corporation in the operation and administration of the casino gaming operations. This shall include the expenses of the corporation, the expenses resulting from any contract or contracts entered into for ordinary and customary business services rendered to the corporation, and the amount required to be transferred to the state treasury pursuant to Paragraph (2) of this Subsection.
B. Repealed by Acts 2012, No. 834, §13, eff. July 1, 2012.
C. The legislative auditor or person designated by him shall be responsible for an annual financial audit of the books and records of the corporation in accordance with La. Rev. Stat. 24:513. The corporation shall reimburse the legislative auditor for the reasonable costs of any audits performed by him. All such audit reports shall be filed with the governor, the president of the Senate, and the speaker of the House of Representatives. All gaming operators and licensees and the corporation shall cooperate with the auditor or his representatives by giving them access to the facilities and records of the corporation for the purpose of efficient compliance with their respective responsibilities.
Acts 1992, No. 384, §1, eff. June 18, 1992; Acts 1995, No. 843, §1, eff. June 27, 1995; Acts 1995, No. 1014, §1; Acts 1995, No. 1215, §1, eff. July 1, 1995. Redesignated from La. Rev. Stat. 4:670 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996; Acts 1997, No. 585, §1, eff. July 1, 1998; Acts 1997, No. 1359, §1, eff. July 1, 1997; Acts 1999, No. 543, §1, eff. July 1, 1999; Acts 2001, 1st Ex. Sess., No. 1, §2, eff. Mar. 21, 2001; Acts 2012, No. 834, §13, eff. July 1, 2012; Acts 2014, No. 167, §1, eff. May 22, 2014; Acts 2019, No. 171, §1.