Louisiana Revised Statutes 4:164 – A. Each association shall establish and maintain a facility maintenance and improvement fund for the sole purpose of complying with the commission’s rules regarding minimum standards
Terms Used In Louisiana Revised Statutes 4:164
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A. Each association shall establish and maintain a facility maintenance and improvement fund for the sole purpose of complying with the commission’s rules regarding minimum standards and required infrastructure investments. This fund shall be subject to audit by the commission and the legislative auditor.
B. For purposes of this Section, the following terms shall have the following meanings:
(1) “Gross profits” means the amount of taxable net slot machine proceeds less the amount of state taxes paid.
(2) “State tax” means the license tax on taxable net slot machine proceeds as provided in La. Rev. Stat. 27:393.
(3) “Taxable net slot machine proceeds” shall have the same meaning as that term is defined in La. Rev. Stat. 27:353.
C.(1) If an association is found not to be in compliance with the minimum standards and infrastructure investments by the date set by the commission for compliance, ten percent of gross profits shall be deposited into the fund, up to a maximum of three million dollars, until such time that all commission-required facility maintenance and improvements have been completed as determined by the commission. Such deposits shall be made at the same time as the state tax is paid.
(2) Once the initial facility maintenance and improvements are completed to the satisfaction of the commission, each association shall continue to maintain a minimum fund balance of three million dollars.
D.(1) For the purposes of the initial maintenance and improvements, the following deadlines shall apply:
(a) The commission shall promulgate rules establishing minimum standards of facilities and infrastructure investments no later than October 1, 2022.
(b) Each association shall submit a plan for compliance to the commission no later than December 1, 2022.
(c) The commission shall approve or specify deficiencies in each association’s plan no later than February 1, 2023.
(d) Each association shall complete the required maintenance and improvements to its facilities no later than December 31, 2023.
(2) Any of the deadlines described in Paragraph (1) of this Subsection may be extended by a majority vote of the membership of the commission for extenuating circumstances including force majeure.
(3) Failure of an association to meet deadlines provided in Subparagraphs (1)(b) and (d) of this Subsection shall constitute grounds for just cause for commission action as provided by La. Rev. Stat. 4:152.
E.(1) If the commission determines that an association is in compliance with the commission’s minimum standards and infrastructure investments, the commission may, by a two-thirds vote of the membership, authorize any of the following:
(a) Exempt an association from maintaining the minimum fund balance required in Subsection C of this Section.
(b) Exempt the association from making deposits as required by Subsection C of this Section.
(c) Allow the balance of an association’s facility maintenance and improvement fund to be withdrawn or reduced.
(2) Maintaining compliance with the commission’s minimum standards and required infrastructure investment is a continuing obligation of each association. By a majority vote, the commission may reconsider a determination of compliance at any time and revoke any exemption or allowance provided in Paragraph (1) of this Subsection for noncompliance.
Acts 2022, No. 525, §1, eff. June 16, 2022; Acts 2022, No. 530, §1, eff. June 16, 2022; Acts 2023, No. 103, §1, eff. July 1, 2023.