RÉSUMÉ DIGEST
ACT 295 (SB 238) 2021 Regular Session Milligan
Prior law established the Caddo Educational Excellence Fund as a permanent trust fund of
the Caddo Parish School Board and provides that instructional enhancement shall be the sole
purpose the school board's expenditure of money from the fund. New law retains prior law.
Prior law authorized the school board to withdraw the investment income of the fund each
January. New law instead authorizes the school board to withdraw money from the fund
after the end of each fiscal year as provided in new law, which limits withdrawals from the
fund as follows:
(1)In the fiscal year following a year that the earnings of the fund were greater than 5%,
withdrawals from the fund shall not exceed 5% of the fund.
(2)In the fiscal year following a year that the earnings of the fund were between 3% and
5%, withdrawals from the fund shall not exceed the rate of earnings from the
previous year.
(3)In the fiscal year following a year that the earnings of the fund were less than 3%,
withdrawals from the fund shall not exceed 3% of the fund.
Prior law provided that funds shall be invested in the same manner as monies in the state
general fund. New law provides instead that they shall be invested in the same manner as
post-employment benefits trusts are permitted to be invested pursuant to prior law.
Effective upon signature of the governor (June 14, 2021).
(Amends R.S. 17:408.1(A) and (B))