SLS 16RS-1199 ORIGINAL
2016 Regular Session
SENATE BILL NO. 467
BY SENATOR LAFLEUR
FUNDS/FUNDING. Provides relative to the Bond Security and Redemption Fund. (gov sig)
1 AN ACT
2 To amend and reenact R.S. 39:451, relative to the Bond Security and Redemption Fund; to
3 provide for the requirements of the Bond Security and Redemption Fund; to provide
4 for an effective date; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 39:451 is hereby amended and reenacted to read as follows:
7 ยง451. Bond Security and Redemption Fund
8 A. There is hereby established in the state treasury a special fund to be
9 designated and hereafter referred to as the bond security and redemption fund, and
10 subject to prior constitutional and statutory dedications and subject to any pledge,
11 dedication or other contractual allocations heretofore made by the Constitution or
12 statutes of the state of Louisiana to the holders of outstanding obligations of the state
13 of Louisiana or any of the state agencies, boards or commissions, all revenues of the
14 state from whatever source derived, except the amounts payable into the long range
15 highway fund as provided in Section 23 of Article VI of the Louisiana Constitution,
16 including without limiting the generality of the foregoing and all moneys, receipts
17 and funds received from taxes, licenses, fees, and permits, or portions thereof
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 467
SLS 16RS-1199 ORIGINAL
1 heretofore or hereafter levied or imposed, including all bonus receipts collected from
2 the sale of mineral leases, lease rentals, royalties and other miscellaneous revenues,
3 receipts and surplus funds heretofore levied, imposed or dedicated or hereafter
4 dedicated to or collected for the state's general fund shall hereafter be paid into the
5 bond security and redemption fund established by this Chapter.
6 B. In accordance with Article VII, Section 9(B) of the Constitution of
7 Louisiana, all state money deposited in the state treasury shall be credited to the
8 bond security and redemption fund. In each fiscal year, an allocation from the
9 bond security and redemption fund shall be made by the treasurer sufficient to
10 pay all obligations which are secured by the full faith and credit of the state and
11 which become due and payable in the current fiscal year, including principal,
12 interest, premiums, sinking or reserve fund, and other requirements. The
13 amount allocated to pay these obligations shall first include fifty percent of any
14 dedicated fund whose estimate, as contained in the official forecast of the
15 revenue estimating conference at enactment of the appropriation for the fiscal
16 year, exceeds its total appropriation at enactment for that fiscal year. The
17 remaining amount allocated to pay these obligations shall be from state general
18 fund revenues.
19 Section 2. This Act shall become effective upon signature by the governor or, if not
20 signed by the governor, upon expiration of the time for bills to become law without signature
21 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
22 vetoed by the governor and subsequently approved by the legislature, this Act shall become
23 effective on the day following such approval.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Martha S. Hess.
DIGEST
SB 467 Original 2016 Regular Session LaFleur
Present law establishes the bond security and redemption fund and provides for the revenues
to be paid into the fund.
Proposed law retains present law.
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 467
SLS 16RS-1199 ORIGINAL
Proposed law provides that in accordance with Article VII, Section 9(B) of the Constitution
of Louisiana, all state money deposited in the state treasury shall be credited to the bond
security and redemption fund.
Proposed law further provides that in each fiscal year, an allocation from the bond security
and redemption fund shall be made by the treasurer sufficient to pay all obligations which
are secured by the full faith and credit of the state and which become due and payable in the
current fiscal year, including principal, interest, premiums, sinking or reserve fund, and other
requirements. The amount allocated to pay these obligations shall first include 50% of any
dedicated fund whose estimate, as contained in the official forecast of the revenue estimating
conference at enactment of the appropriation for the fiscal year, exceeds its total
appropriation at enactment for that fiscal year. The remaining amount allocated to pay these
obligations shall be from state general fund revenues.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 39:451)
Page 3 of 3
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.