Louisiana Administrative Code
Title 35 - HORSE RACING
Part III - Personnel, Registration and Licensing
Chapter 57 - Associations' Duties and Obligations
Section III-5771 - Minimum Infrastructure Investment Requirements
Universal Citation: LA Admin Code III-5771
Current through Register Vol. 50, No. 3, March 20, 2024
A. 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, or
iii. allow fund balance
to be withdrawn
c. 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.
AUTHORITY NOTE: Promulgated in accordance with R.S. 4:141, R.S. 4:142, R.S. 4:148, and R.S. 4:164.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.