Louisiana Revised Statutes 33:4710.19 – A. Notwithstanding any other provisions of this Chapter to the contrary, if the authority issues bonds and pledges to the payment thereof the proceeds or avails of a hotel occupancy
Terms Used In Louisiana Revised Statutes 33:4710.19
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- hotel: as used in this Chapter means and includes any establishment that is engaged in the business of furnishing or providing rooms intended or designed for dwelling, lodging, or sleeping purposes to transient guests and that consists of ten or more guest rooms. See Louisiana Revised Statutes 33:4710.15
- Person: as used in this Chapter shall have the same definition as that contained in La. See Louisiana Revised Statutes 33:4710.15
- projects: means one or more of any combination of convention, exhibition, and tourist facilities, including a convention center hotel with a multi-story parking garage and bridge connecting the hotel and the south end of the convention center, the "Convention Center Headquarters Hotel Project" and the necessary land, acquired by lease or purchase, site improvements, infrastructure, furnishings, machinery, equipment, and appurtenances for any such facility. See Louisiana Revised Statutes 33:4710.11
A. Notwithstanding any other provisions of this Chapter to the contrary, if the authority issues bonds and pledges to the payment thereof the proceeds or avails of a hotel occupancy tax authorized by this Chapter, the net proceeds of such tax in each fiscal year shall be used to satisfy the authority’s obligations under the resolutions providing for the issuance of the bonds, including the payment of the expenses of operating, maintaining, or improving the project or projects financed with the proceeds of such bonds.
B. After provision has been made for the discharge of such obligations, any balance remaining from such tax shall be used for the following purposes and in the following order of priority:
(1) For the payment of rents due by the authority.
(2) For the payment of bond service charges.
(3) For the payment of the administrative and operating expenses of the authority.
(4) For the payment of the cost of maintaining, improving, and operating exhibition or convention facilities if the authority undertakes the maintenance, improvement, and operation of same pursuant to a contract with the city of New Orleans or any other person. Any contract entered into by the authority with any private person, firm, or corporation for the maintenance or operation of any exhibition or convention facility shall be made and entered into in accordance with the provisions of La. Rev. Stat. 38:2211 et seq.
(5) To establish a reserve fund for replacement and for future needs for the purposes provided for in this Chapter.
(6) For the payment to the city of New Orleans of any surplus created at the end of the year as described in La. Rev. Stat. 33:4710.16.
Acts 2019, No. 172, §1.