HLS 171ES-20 ENGROSSED
2017 First Extraordinary Session
HOUSE CONCURRENT RESOL UTION NO. 1
BY REPRESENTATIVE BARRAS
FUNDS/FUNDING: Directs the treasurer to immediately begin implementation of the
process to allocate money deposited into the state treasury from constitutional and
statutory dedications that flow through the Bond Security and Redemption Fund for
the purpose of paying state debt
1 A CONCURRENT RESOL UTION
2To direct the treasurer to immediately begin implementation of the process necessary to
3 allocate money deposited into the state treasury from constitutional and statutory
4 dedications that flow through the Bond Security and Redemption Fund for the
5 purpose of paying debt service beginning in Fiscal Year 2017-2018.
6 WHEREAS, Article VII, Section 9(B) of the Constitution of Louisiana requires all
7money deposited into the state treasury to be credited to the Bond Security and Redemption
8Fund; and
9 WHEREAS, Article VII, Section 9(B) of the Constitution of Louisiana requires that
10in each fiscal year an amount is allocated from the Bond Security and Redemption Fund to
11pay all the debt obligations of the state; and
12 WHEREAS, in the past, debt service payments have been made using only state
13general fund (direct); and
14 WHEREAS, agencies that are not appropriated revenues from state general fund
15(direct) have not shared in the allocation of the payment of debt service; and
16 WHEREAS, the majority of the constitutional provisions and laws which create
17dedications specifically require that monies dedicated to the special treasury fund are
18credited to the Bond Security and Redemption Fund before deposit into the dedicated fund;
19and
Page 1 of 2 HLS 171ES-20 ENGROSSED
HCR NO. 1
1 WHEREAS, debt service payments are projected to be between $400 million and
2$350 million through Fiscal Year 2020-2021; and
3 WHEREAS, crediting monies received by the state, prior to deposit into
4constitutional and statutory dedications, into the Bond Security and Redemption Fund for
5the purpose of debt service payments could allow for approximately $96 million to be
6allocated for debt service payments in Fiscal Year 2017-2018.
7 THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
8direct the treasurer to immediately begin implementation of the process necessary to allocate
9money deposited into the state treasury from constitutional and statutory dedications that
10flow through the Bond Security and Redemption Fund for the purpose of paying debt service
11beginning in Fiscal Year 2017-2018.
12 BE IT FURTHER RESOLVED that a suitable copy of this Resolution be transmitted
13to the treasurer.
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)]
HCR 1 Engrossed 2017 First Extraordinary Session Barras
Directs the treasurer to immediately begin implementation of the process necessary to
allocate money deposited into the state treasury from constitutional and statutory dedications
that flow through the Bond Security and Redemption Fund for the purpose of paying debt
service beginning in Fiscal Year 2017-2018.
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