RS 4710.19 - Use of revenue from hotel occupancy taxes
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 R.S. 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 R.S. 33:4710.16.
Acts 2019, No. 172, §1.