Creates the Sports Wagering Purse Supplement Fund and controls how money in it is invested, kept, withdrawn, and allocated.
§199. Sports Wagering Purse Supplement Fund; creation A. There is hereby created in the state treasury a special fund to be known as the Sports Wagering Purse Supplement Fund, hereafter referred to in this Section as the "fund". B. Any appropriation by the legislature to the Louisiana State Racing Commission from the fund shall be utilized to supplement purses as provided in this Section. C. Monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund. Interest earned on the investments of monies in the fund shall be deposited in and credited to the fund. Unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. D. Monies in the fund shall only be withdrawn pursuant to an appropriation by the legislature solely to implement the provisions of this Section. E. Each fiscal year, the commission shall allocate any appropriations received pursuant to R.S. 27:625(G)(4) as follows: (1) Two-thirds of the funds appropriated to the commission pursuant to this Paragraph shall be allocated and provided to the licensed racing associations in the state which conduct live horse racing on the basis of the proportion of the number of thoroughbred race days each association conducted for the preceding year bears to the total number of thoroughbred race days conducted statewide for the preceding year, and such funds shall be used solely to supplement purses in accordance with a schedule or formula established by the purse committee of the Louisiana Thoroughbred Breeders Association on Louisiana-bred thoroughbred races. (2) One-third of the funds appropriated to the commission pursuant to this Paragraph shall be allocated and provided to the licensed racing associations in the state which conduct live horse racing on the basis of the proportion of the number of quarter horse race days each association conducted for the preceding year bears to the total number of quarter horse race days conducted statewide for the preceding year, and such funds shall be used solely to supplement purses in accordance with a schedule or formula established by the purse committee of the Louisiana Quarter Horse Breeders Association on Louisiana-bred quarter horse races. Acts 2021, No. 435, §2, eff. June 21, 2021.