A. The avails of the tax imposed by R.S. 47:331 from the sale of services as defined in R.S. 47:301.3(1) in Orleans Parish, under the provisions of R.S. 47:331(C) and 332 in each fiscal year 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 "New Orleans Metropolitan Convention and Visitors Bureau Fund". B. The monies in the New Orleans Metropolitan Convention and Visitors Bureau Fund shall be appropriated each fiscal year by the legislature. The monies in the fund shall be appropriated to the New Orleans Metropolitan Convention and Visitors Bureau. 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 into the fund.
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