A.  The avails of the tax imposed by La. Rev. Stat. 47:302 and the avails of the tax imposed by La. Rev. Stat. 47:331 from the sales of services as defined in La. Rev. Stat. 47:301(14)(a) in the parish of St. John the Baptist under the provisions of La. Rev. Stat. 47:302(C), 331(C), and 332, as applicable, 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 “St. John the Baptist Convention Facility Fund”.

B.  The monies in the St. John the Baptist Convention Facility Fund shall be subject to an annual appropriation by the legislature.  The monies in the fund shall be available exclusively for economic development and tourism purposes, for acquisition of land, and for acquisition and/or construction of buildings for use as the St. John the Baptist Convention Facility.  All unexpended and unencumbered monies in the fund 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.

C.(1)  The governing authority of St. John the Baptist Parish may issue bonds payable from a pledge and dedication of the amounts of proceeds of the tax in the St. John the Baptist Convention Facility Fund.  The authority shall obtain the approval of at least a majority of the members of the authority prior to the issuance of such bonds.

(2)  Whenever such bonds are issued, the legislature shall annually appropriate, to the extent of deposits in the fund, monies sufficient to pay the principal, interest, and premium, if any, due on the bonds each year.  If the legislature, after a diligent and good faith effort, fails to appropriate sufficient monies to pay the principal, interest, and premium, if any, due on the bonds each year, or if such appropriation cannot be effected, the state shall in no way be a party to any contractual rights arising from the bonds issued, nor shall the state be in any way obligated for any payments due to holders of the bonds issued under the provisions of this Subsection.

Acts 1992, No. 977, §1, eff. July 1, 1992; Acts 1996, 1st Ex. Sess., No. 85, §1, eff. July 1, 1996; Acts 1996, No. 13, §1, eff. June 26, 1996; Acts 2012, No. 597, §3, eff. July 1, 2012.