La. Admin. Code tit. 35 § III-5771
Current through Register Vol. 50, No. 8, August 20, 2024
Section III-5771 - Minimum Infrastructure Investment RequirementsA. An association shall deposit 10 percent of its gross profits into a fund for infrastructure maintenance and improvements per R.S. 4:164.1. These deposits shall occur at the same time as when the association's state taxes are paid each month.2. The association shall continue depositing 10 percent of its gross profits until such time when the commission determines that the association has complied with all infrastructure maintenance and improvements as required by the commission in this Chapter.a. When the commission, by majority vote, determines full compliance with its required infrastructure maintenance and improvements by the association, the association shall maintain a minimum fund balance of $3,000,000.b. When the commission determines full compliance with its required infrastructure maintenance and improvements by the association, the commission can authorize any of the following by two-thirds vote:i. exemption from maintaining fund balance,ii. exemption from making deposits, oriii. allow fund balance to be withdrawnc. The commission, by majority vote, may reconsider prior determination of compliance and revoke any exemption or allowance granted to an association per this Subsection at any time.d. There shall be an ongoing review, at least annually, by the commission to determine any additional required facility maintenance and improvements needed and to be required by the commission after obtaining input from associations and stakeholders.3. The funds specified in this Subsection are subject to audit at any time by the commission and the legislative auditor.La. Admin. Code tit. 35, § III-5771
Promulgated by the Office of the Governor, Division of Administration, Racing Commission, LR 482719, Amended LR 49868 (5/1/2023).AUTHORITY NOTE: Promulgated in accordance with R.S. 4:141, R.S. 4:142, R.S. 4:148, and R.S. 4:164.