HLS 171ES-20 REENGROSSED
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 procedures necessary to implement
3 development of a process to allocate money deposited into the state treasury from
4 constitutional and statutory dedications that flow through the Bond Security and
5 Redemption Fund for the purpose of paying debt service beginning in Fiscal Year
6 2017-2018.
7 WHEREAS, Article VII, Section 9(B) of the Constitution of Louisiana requires all
8money deposited into the state treasury to be credited to the Bond Security and Redemption
9Fund; and
10 WHEREAS, Article VII, Section 9(B) of the Constitution of Louisiana requires that
11in each fiscal year an amount is allocated from the Bond Security and Redemption Fund to
12pay all the debt obligations of the state; and
13 WHEREAS, in the past, debt service payments have been made using only the state
14general fund (direct); and
15 WHEREAS, agencies that are not appropriated revenues from the state general fund
16(direct) have not shared in the allocation of the payment of debt service; and
17 WHEREAS, the majority of the constitutional provisions and laws which create
18dedications specifically require that monies dedicated to the special treasury fund are
19credited to the Bond Security and Redemption Fund before deposit into the dedicated fund;
20and
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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 procedures necessary to implement development
9of a process to allocate money deposited into the state treasury from constitutional and
10statutory dedications that flow through the Bond Security and Redemption Fund for the
11purpose of paying debt service beginning in Fiscal Year 2017-2018.
12 BE IT FURTHER RESOLVED that the process be limited to funds in which the
13constitutional or statutory authority for the fund includes a requirement that deposits into the
14fund flow through the Bond Security and Redemption Fund.
15 BE IT FURTHER RESOLVED that the treasurer shall prepare a report to the
16legislature describing the process to allocate the deposits from dedications that flow through
17the Bond Security and Redemption Fund prior to the 2017 Regular Session of the
18Legislature.
19 BE IT FURTHER RESOLVED that a suitable copy of this Resolution be transmitted
20to 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 Reengrossed 2017 First Extraordinary Session Barras
Directs the treasurer to immediately begin procedures necessary to implement development
of a 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 debt service beginning in Fiscal Year 2017-2018.
Requires that the process implemented be limited to funds in which the constitutional or
statutory authority for the fund includes a requirement that deposits into the fund flow
through the Bond Security and Redemption Fund.
Page 2 of 3 HLS 171ES-20 REENGROSSED
HCR NO. 1
Requires the treasurer to prepare a report to the legislature describing the process to allocate
the deposits from dedications that flow through the Bond Security and Redemption Fund
prior to the 2017 R.S. of the Legislature.
Summary of Amendments Adopted by House
The House Floor Amendments to the engrossed bill:
1. Provides that the process implemented be limited to funds in which the
constitutional or statutory authority for the fund includes a requirement that
deposits into the fund flow through the Bond Security and Redemption Fund.
2. Requires the treasurer to prepare a report to the legislature describing the process
to allocate the deposits from dedications that flow through the Bond Security and
Redemption Fund prior to the 2017 R.S. of the Legislature.
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