HLS 10RS-816 ORIGINAL
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2010
HOUSE BILL NO. 730
BY REPRESENTATIVE CARMODY
FUNDS/FUNDING: Increases the amount of monies dedicated into the Unclaimed Property
Leverage Fund and provides with respect to limitations on state debt
AN ACT1
To amend and reenact R.S. 9:165(C)(1) and to enact R.S. 39:1367(E)(2)(b)(v), relative to2
the Unclaimed Property Leverage Fund; to increase the amount dedicated to the3
fund; to exclude certain bonds for state debt limitations secured by unclaimed4
property revenues deposited into the fund; to provide for an effective date; and to5
provide for related matters.6
Be it enacted by the Legislature of Louisiana:7
Section 1. R.S. 9:165(C)(1) is hereby amended and reenacted to read as follows: 8
§165. Deposit of funds9
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C.(1) The Unclaimed Property Leverage Fund is created as a special fund in11
the state treasury for the deposit of a portion of the funds received by the12
administrator under this Chapter. The state treasurer shall deposit into the13
Unclaimed Property Leverage Fund each fiscal year fifteen the funds received by the14
administrator under this Chapter, not to exceed thirty million dollars per year.15
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Section 2. R.S. 39:1367(E)(2)(b)(v) is hereby enacted to read as follows:17
§1367. State debt; limitations18
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E. 20
* * *21 HLS 10RS-816 ORIGINAL
HB NO. 730
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
(2)(a) 1
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(b) "Net state tax supported debt" shall not mean:3
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(v) Any bond or other evidence of indebtedness issued by the Louisiana5
Transportation Authority pursuant to R.S. 48:2082(B).6
Section 3. This Act shall become effective on July 1, 2010; if vetoed by the governor7
and subsequently approved by the legislature, this Act shall become effective on July 1,8
2010, or on the day following such approval by the legislature, whichever is later.9
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Carmody HB No. 730
Abstract: Increases the amount annually deposited into the Unclaimed Property Leverage
Fund from $15 million to $30 million. Excludes any bond or other evidence of
indebtedness issued by the Louisiana Transportation Authority and secured by funds
from the Unclaimed Property Leverage Fund from the definition of net state
supported tax debt.
Present law establishes the Unclaimed Property Leverage Fund as a special treasury fund.
Provides that monies in the fund be allocated equally to the I-49 North Account and the I-49
South Account and that monies be appropriated for costs for and associated with
construction of I-49 north of I-20 and south of I-10. Provides that each year, $15 million
from funds received by the state from unclaimed property shall be deposited into the fund.
Proposed law increases the annual deposit into the fund from $15 million to an amount not
to exceed $30 million per year.
Present law, relative to state debt limitations, provides for certain obligations which are not
included in the definition of net state tax supported debt.
Proposed law retains present law and adds to the definition, any bond or other evidence of
indebtedness issued by the Louisiana Transportation Authority and secured by funds from
Unclaimed Property Leverage Fund.
Effective July 1, 2010.
(Amends R.S. 9:165(C)(1); Adds R.S. 39:1367(E)(2)(b)(v))