The original instrument was prepared by Jerry Guillot. The following digest, which
does not constitute a part of the legislative instrument, was prepared by Jeanne
Johnston.
DIGEST
SB 12 Reengrossed 2020 First Extraordinary Session Fesi
Proposed constitutional amendment creates the UCP Permanent Trust Fund to be used solely for the
payment of claims made by owners and prohibits appropriation from the fund.
Proposed constitutional amendment provides that after allocation of money to the Bond Security and
Redemption Fund as required by present constitution, after payment of all administrative fees, costs,
and expenses as provided by law, and after the deposit of monies into the Unclaimed Property
Leverage Fund pledged for payment of principal and interest for the I-49 Project, the treasurer shall
annually deposit and credit to the UCP Permanent Trust Fund the net amount of all monies received
as a result of the Uniform Unclaimed Property Act of 1997 or its successor.
Proposed constitutional amendment requires the net amount of monies received pursuant to present
law (Uniform Unclaimed Property Act, R.S. 9:151 et seq.) to be credited to the UCP Permanent
Trust Fund. Further provides that realized capital gains, dividend income, and interest income,
earned on investments in the fund, net of trust fund investment and administrative expenses, shall
be deposited into the State General Fund.
Proposed constitutional amendment requires the state treasurer to annually report the UCP
Permanent Trust Fund balance and the state's potential liability for unclaimed property claims to the
legislature and the governor. Further authorizes money to be deposited into the UCP Permanent
Trust Fund until the balance in that fund equals the state's reported potential liability for all
unclaimed property. Once this threshold is reached in the UCP Permanent Trust Fund, proposed
constitutional amendment requires any additional money received to be deposited into the State
General Fund.
Proposed constitutional amendment authorizes the state treasurer to invest up to 50% of the balance
in the UCP Permanent Trust Fund in equities. Requires the legislature to establish procedures for the
investment of the funds and authorizes the treasurer to contract for the management of the
investments.
Proposed constitutional amendment authorizes the treasurer to transfer money from the UCP
Permanent Trust Fund if claims for unclaimed property exceed receipts. Requires the treasurer to
certify the amount needed to pay claims received and immediately notify the legislature and the
governor of the new fund balance once he has transferred the money.
Proposal constitutional amendment becomes effective on July 1, 2021.
Specifies submission of the amendment to the voters at the statewide election to be held on November 3, 2020.
(Adds Const. Art. VII, §10(F)(4)(i) and §28)
Summary of Amendments Adopted by Senate
Senate Floor Amendments to engrossed bill
1. Provides that the UCP Permanent Trust Fund must meet present constitutional
requirements relative to the Bond Security and Redemption Fund.
2. Provides for payment of specified expenses prior to deposit of monies into the UCP
Permanent Trust Fund.