Louisiana Senate Bill SB403

Louisiana 2018 Regular Session

• Introduced: 3/2/18
• Refer: 3/2/18
• Refer: 3/12/18

Caption

Provides for the disposition of the proceeds from the sale of unclaimed property noncash assets. (gov sig) (OR -$4,000,000 GF RV See Note)

Impact

The primary use of the funds generated through this bill will be to provide a federal match for costs related to the construction of the Comite River Diversion Canal. This canal project is pertinent to addressing flooding issues and enhancing infrastructure, making it a significant investment in the state's transportation and safety systems. The establishment of this fund will create a more efficient channel for managing unclaimed properties, ultimately benefiting public infrastructure projects in Louisiana.

Summary

Senate Bill 403 relates to the management of unclaimed property in Louisiana, specifically establishing the Unclaimed Property Noncash Asset Fund. The bill mandates that proceeds from the sale of unclaimed property noncash assets held by the state treasurer will be collected into this designated fund. This initiative aims to streamline the handling of unclaimed property, which can often be a complex and bureaucratic process. By creating a specific fund for these assets, the state ensures clarity and focus on their utilization for public projects.

Sentiment

The sentiment surrounding SB 403 has generally been positive, particularly among proponents who view it as a responsible way to utilize unclaimed assets for critical infrastructure projects. The bill aligns with broader state interests in improving safety and mitigating flooding risks in affected areas. However, there could be some concerns regarding the management of the fund and assurance that the generated revenues will be allocated effectively and transparently.

Contention

While specific points of contention were not highlighted in the available documents, concerns typically associated with such legislations might include ensuring that the fund is managed prudently and that the uses align with the best interests of the public. Potential scrutiny may arise regarding how the proceeds are invested and whether the project meets the needs of the community effectively. As the bill progresses, it may prompt discussions on the broader implications of state control over unclaimed properties and the responsibilities of the state treasury.