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2024 Third Extraordinary Session
HOUSE BILL NO. 12
BY REPRESENTATIVE DESHOTEL
FUNDS/FUNDING: Relative to finances of the state (Items #16 and 21)
1 AN ACT
2To amend and reenact R.S. 17:3801(A) and (C) and 3802(A)(1), R.S. 30:86(A)(1) and
3 2483(B) through (E), R.S. 39:94(A)(introductory paragraph) and (1) through (4), (B),
4 and (C)(5), 98.1, 98.2(A) and (E), 98.3(A) and (C)(introductory paragraph), 98.4(A),
5 100.112, 110.116(A)(introductory paragraph), (1) through (3), (10), (12), and (B),
6 and 100.161(B)(3), R.S. 49:214.5.4(B) and (E)(1), and R.S. 56:639.8(C) and (E)(1),
7 to enact R.S. 30:86(I) through (K) and 2483(F) and (G) and R.S. 56:639.8(H), and
8 to repeal R.S. 17:3801(B), (C)(4), and (F), R.S. 30:86(C), and R.S. 39:97, 98.3(E),
9 and 100.116(A)(4), (9), (11), and (13), (C), and (D), relative to finances of the state;
10 to provide for certain treasury funds; to provide for the transfer, deposit, and use, as
11 specified, of monies in certain treasury funds and accounts; to provide for the
12 investment of certain treasury funds and accounts; to repeal certain treasury funds
13 and accounts; to provide for the issuance of bonds; to provide for the powers of the
14 state bond commission; to provide for effectiveness; and to provide for related
15 matters.
16Be it enacted by the Legislature of Louisiana:
17 Section 1. R.S. 17:3801(A) and (C) and 3802(A)(1) are hereby amended and
18reenacted to read as follows:
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1 §3801. Louisiana Education Quality Trust Fund, hereinafter referred to in this Part
2 as the "Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund"
3 A.(1) There shall be established in the state treasury as a special permanent
4 trust fund, the "Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund",
5 henceforth referred to as the "Permanent Trust Fund". After allocation of money to
6 the Bond Security and Redemption Fund as provided in Article VII, Section 9(B) of
7 the constitution, and notwithstanding Article XIV, Section 10 of the constitution, the
8 treasurer shall deposit in and credit to the Permanent Trust Fund all money which is
9 received from the federal government under Section 1337(g) of Title 43 of the
10 United States Code which is attributable to mineral production activity or leasing
11 activity on the Outer Continental Shelf which has been held in escrow pending a
12 settlement between the United States and the state of Louisiana, except the first one
13 hundred million dollars so received; twenty-five percent of the recurring revenues
14 received under Section 1337(g) of Title 43 of the United States Code which are
15 attributable to mineral production activity or leasing activity on the Outer
16 Continental Shelf; twenty-five percent of the interest income earned on investment
17 of monies in the Permanent Trust Fund; and seventy-five percent of realized capital
18 gains and twenty-five percent of dividend income earned on investment of the
19 Permanent Trust Fund. No appropriation shall be made from the Permanent Trust
20 Fund.
21 (2) After six hundred million dollars has been credited to the Permanent
22 Trust Fund from those monies received from the federal government under Section
23 1337(g) of Title 43 of the United States Code which are attributable to mineral
24 production activity or leasing activity on the Outer Continental Shelf which has been
25 held in escrow pending a settlement between the United States and the state of
26 Louisiana, the sum of fifty million dollars shall be credited from such monies to the
27 Coastal Environment Protection Trust Fund, as established in R.S. 30:313; all such
28 funds in excess of seven hundred fifty million dollars shall be credited to the
29 Permanent Trust Fund.
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1 (3) After allocation of money to the Bond Security and Redemption Fund as
2 provided in Article VII, Section 9(B) of the constitution, and notwithstanding Article
3 XIV, Section 10 of the constitution, seventy-five percent of the recurring revenues
4 received under Section 1337(g) of Title 43 of the United States Code which are
5 attributable to mineral production activity or leasing activity, seventy-five percent
6 of the interest income earned on investment of the Permanent Trust Fund, and
7 twenty-five percent of realized capital gains and seventy-five percent of the dividend
8 income earned on investment of the Permanent Trust Fund shall be deposited and
9 credited to a There is hereby created a special fund which is hereby created in the
10 state treasury, and which shall be known as the Louisiana Quality Education Support
11 Fund, hereinafter hereafter referred to in this Section as the "Support Fund".
12 Beginning July 1, 2001, and only as to and in the accounting of earnings after that
13 date, the treasurer shall account for earnings from the Permanent Fund in a manner
14 which allocates the earnings between the Permanent Fund and the Support Fund in
15 the proportions as herein provided as such earnings are realized. Beginning July 1,
16 2001, and only as to and in the accounting of earnings after that date, the treasurer
17 shall account for earnings attributable to Support Fund balances due the boards of
18 education separately and allocate such earnings to the credit of each board
19 respectively.
20 (4) All recurring revenues and interest earnings shall be credited to the
21 respective funds as provided in Paragraphs (1) and (2) above until the balance in the
22 Permanent Trust Fund equals two billion dollars. After the Permanent Trust Fund
23 reaches a balance of two billion dollars, all interest earnings on the Permanent Trust
24 Fund shall be credited to the Support Fund and all recurring revenues shall be
25 credited to the State General Fund.
26 * * *
27 C.(1) The amounts in the Support Fund shall be available for appropriation
28 to pay expenses incurred for outside investment managers for the investment and
29 management of the Permanent Trust Fund and for other custody, investment, and
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1 disbursement costs directly attributable to the Permanent Trust Fund, and for
2 educational purposes only as provided in these Sections.
3 (2) The State Board of Elementary and Secondary Education and the Board
4 of Regents each shall annually submit to the legislature and the governor not less
5 than sixty days prior to the beginning of each regular session of the legislature a
6 proposed program and budget for the expenditure of the monies in the Support Fund.
7 Proposals for such expenditures shall be designed to improve the quality of
8 education. Except for monies appropriated to pay expenses incurred in investment
9 and management of the Permanent Trust Fund, monies appropriated from the
10 Support Fund by the legislature shall be disbursed to the Board of Regents and the
11 State Board of Elementary and Secondary Education to be allocated by them as
12 provided by law or the constitution to the programs as previously approved by the
13 legislature.
14 (3) The treasurer shall disburse not more than fifty percent of the monies in
15 the Support Fund as that money is appropriated by the legislature and allocated by
16 the Board of Regents for any or all of the following higher educational purposes to
17 enhance economic development:
18 (a) The carefully defined research efforts of public and private universities
19 in Louisiana.
20 (b) The endowment of chairs for eminent scholars.
21 (c) The enhancement of the quality of academic, research, or agricultural
22 departments or units within a community college, college, or university. These funds
23 shall not be used for athletic purposes or programs.
24 (d) The recruitment of superior graduate students.
25 (4) (3) The treasurer shall disburse not more than fifty percent of the monies
26 in the Support Fund as that money is appropriated by the legislature and allocated by
27 the State Board of Elementary and Secondary Education for any or all of the
28 following elementary and secondary educational purposes:
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1 (a) To provide compensation to city or parish school board professional
2 instructional employees.
3 (b) To insure an adequate supply of superior textbooks, library books,
4 equipment, and other instructional materials.
5 (c) To fund exemplary programs in elementary, secondary, or vocational-
6 technical schools designed to improve elementary and secondary student academic
7 achievement, or vocational-technical skill.
8 (d) To fund carefully defined research efforts, including pilot programs,
9 designed to improve elementary and secondary student academic achievement.
10 (e) To fund summer school remediation programs and preschool programs.
11 (f) To fund the teaching of foreign languages in elementary and secondary
12 schools.
13 (g) To fund an adequate supply of teachers by providing scholarships or
14 stipends to prospective teachers in academic areas where there is a critical teacher
15 shortage.
16 * * *
17 §3802. Appropriations; procedure; limitation; administration
18 A.(1) Consistent with the provisions of the Constitution of Louisiana, the
19 The legislature shall appropriate the total amount of the funds in the Louisiana
20 Quality Education Support Fund, hereinafter referred to as the "support fund",
21 intended for higher educational purposes to the Board of Regents and the total
22 amount intended for elementary and secondary educational purposes to the State
23 Board of Elementary and Secondary Education itemized by program or other
24 recipient purpose. Such itemization shall occur in both the executive budget and in
25 the general appropriation bill and, except as otherwise provided by the constitution,
26 budget and appropriation functions shall be conducted as provided by law. Passage
27 of the general appropriation bill shall constitute legislative approval of the programs
28 or purposes to which money is appropriated.
29 * * *
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1 Section 2. R.S. 30:86(A)(1) and 2483(B) through (E) are hereby amended and
2reenacted and R.S. 30:86(I) through (K) and 2483(F) and (G) are hereby enacted to read as
3follows:
4 §86. Oilfield Site Restoration Fund
5 A.(1) There is hereby established a fund in the custody of the state treasurer
6 created in the state treasury a special fund to be known as the Oilfield Site
7 Restoration Fund, hereafter referred to as the "fund", into which the state treasurer
8 shall, each fiscal year, deposit the revenues received from the collection of the
9 monies enumerated in Subsection D of this Section, after those revenues have been
10 deposited in the Bond Security and Redemption Fund.
11 * * *
12 I. All unexpended and unencumbered monies in the fund at the end of the
13 fiscal year shall remain in the fund. The monies in the fund shall be invested by the
14 treasurer in the manner provided by law. Interest earned on investment of monies
15 in the fund shall be deposited into the fund.
16 J. The state treasurer shall prepare and submit to the department on a
17 quarterly basis a printed report showing the amount of money contained in the fund
18 from all sources.
19 K. The provisions of this Section shall not apply to affect funds allocated by
20 Article VII, Section 8, Paragraphs (B) and (C).
21 * * *
22 §2483. Oil Spill Contingency Fund
23 * * *
24 B. There shall be established in the state treasury, as a special fund, the Oil
25 Spill Contingency Fund, hereinafter referred to as the "contingency fund". Out of
26 the funds remaining in the Bond Security and Redemption Fund after a sufficient
27 amount is allocated from that fund to pay all obligations secured by the full faith and
28 credit of the state which become due and payable within any fiscal year as required
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1 by Article VII, Section 13(B) of the Constitution of Louisiana, the treasurer shall pay
2 into the contingency fund all of the following:
3 (1) All fees, taxes, penalties, judgments, reimbursements, charges, and
4 federal funds collected pursuant to the provisions of this Chapter, except as provided
5 by R.S. 30:2480.2.
6 (2) Any fees, taxes, penalties, reimbursements, charges, federal funds, or
7 other revenue enacted by the legislature for the purposes of abatement and
8 containment of actual or threatened unauthorized discharges of oil after November
9 23, 1995, shall be irrevocably dedicated and deposited in the contingency fund.
10 (3) All funds or revenues which may be donated expressly to the
11 contingency fund.
12 C. The monies in the contingency fund shall be appropriated by the
13 legislature to be used solely for the programs and purposes of abatement and
14 containment of actual or threatened unauthorized discharges of oil and for
15 administrative expenses associated with such programs and purposes, as provided
16 in this Part.
17 D. In order to fulfill the constitutional mandate of Article IX, Section 1 of
18 the Constitution of Louisiana to protect, conserve, and replenish the natural resources
19 of the state, the legislature hereby declares that sufficient funds shall be made
20 available to the Oil Spill Contingency Fund, in order for prevention of and response
21 to unauthorized discharges of oil.
22 C. E. The purpose of the fund is to immediately provide available funds for
23 response to all threatened or actual unauthorized discharges of oil, for clean up of
24 pollution from unauthorized discharges of oil, natural resources damages, damages
25 sustained by any state agency or political subdivision, and removal costs from
26 threatened, unauthorized discharges of oil.
27 D. All fees, taxes, penalties, judgments, reimbursements, charges, and
28 federal funds collected pursuant to the provisions of this Chapter, except as provided
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1 by R.S. 30:2480.2, shall be deposited immediately upon receipt into the state
2 treasury.
3 E. F. After compliance with the requirements of Article VII, Section 9(B) of
4 the Constitution of Louisiana relative to the Bond Security and Redemption Fund,
5 and prior to monies being placed in the state general fund, an amount equal to that
6 deposited, as required in Subsection D of this Section, and monies appropriated by
7 the legislature shall be credited to a special fund hereby created in the state treasury
8 to be known as the "Oil Spill Contingency Fund". The monies in this fund shall be
9 used solely as provided in this Part and only in the amounts appropriated by the
10 legislature. All unexpended and unencumbered monies in this fund at the end of the
11 fiscal year shall remain in the fund. The monies in this fund shall be invested by the
12 state treasurer in the same manner as monies in the state general fund, and interest
13 earned on the investment of these monies shall remain in the fund.
14 G. The provisions of this Section shall not apply to or affect funds allocated
15 by Article VII, Section 8, Paragraphs (B) and (C) of the Constitution of Louisiana.
16 Section 3. R.S. 39:94(A)(introductory paragraph) and (1) through (4), (B), and
17(C)(5), 98.1, 98.2 (A) and (E), 98.3(A), (C)(introductory paragraph), 98.4(A), and
18100.161(B)(3) are hereby amended and reenacted to read as follows:
19 §94. Budget Stabilization Fund
20 A. There is hereby created in the state treasury a special fund to be
21 designated as the Budget Stabilization Fund, hereafter referred to in this Section as
22 the "fund", which shall consist of all money deposited into the fund in accordance
23 with Article VII, Section 10.3 15 of the Constitution of Louisiana. Money shall be
24 deposited into the fund as follows:
25 (1) All money available for appropriation from the state general fund and
26 dedicated funds in excess of the expenditure limit, except funds allocated by Article
27 VII, Section 4 8, Paragraphs (D) and (E) (B) and (C) of the Constitution of
28 Louisiana, shall be deposited in the fund.
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1 (2)(a) All revenues received in each fiscal year by the state in excess of nine
2 hundred fifty million dollars, hereinafter referred to as the "base", as a result of the
3 production of or exploration for minerals, hereinafter referred to as "mineral
4 revenues", including severance taxes, royalty payments, bonus payments, or rentals,
5 and excluding such revenues designated as nonrecurring pursuant to Article VII,
6 Section 10(B) of the Constitution of Louisiana, any such revenues received by the
7 state as a result of grants or donations when the terms or conditions thereof require
8 otherwise and revenues derived from any tax on the transportation of minerals, shall
9 be deposited in the fund after the following allocations of said mineral revenues have
10 been made:
11 (i) To the Bond Security and Redemption Fund as provided by Article VII,
12 Section 9(B) of the Constitution of Louisiana.
13 (ii) To the political subdivisions of the state as provided in Article VII,
14 Sections 4(D) and (E) of the Constitution of Louisiana.
15 (iii) As provided by the requirements of Article VII, Sections 10-A and 10.1
16 of the Constitution of Louisiana.
17 (b) The base may be increased every ten years beginning in the year 2014
18 by a law enacted by two-thirds of the elected members of each house of the
19 legislature. Any such increase shall not exceed fifty percent in the aggregate of the
20 increase in the consumer price index for the immediately preceding ten years.
21 Beginning with Fiscal Year 2025-2026, fifteen percent of the corporation
22 income and franchise tax revenues received in each fiscal year as recognized by the
23 Revenue Estimating Conference and fifteen percent of mineral revenues, as provided
24 in R.S. 39:100.116. If the total amount of deposits required pursuant to this
25 Subparagraph cannot be deposited due to the prohibitions provided for in
26 Subparagraph (C)(5) of this Section, then the remaining monies shall be deposited
27 into the state general fund and incorporated into the official forecast as nonrecurring
28 for use as provided in Article VII, Section 14(D)(2) of the Constitution of Louisiana.
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1 (b) For purposes of this Paragraph, the term "mineral revenues" shall include
2 severance taxes, royalty payments, bonus payments, and rentals. The term shall not
3 include:
4 (i) Revenues designated as nonrecurring pursuant to Article VII, Section 14
5 of the Constitution of Louisiana.
6 (ii) Revenues received by the state as a result of grants or donations when
7 the terms or conditions thereof require otherwise.
8 (iii) Revenues derived from any tax on the transportation of minerals.
9 (3) The greater of twenty-five million dollars from any source, or twenty-
10 five percent of any money designated in the official forecast as nonrecurring as
11 provided in Article VII, Section 10(D)(2) 14(D)(2) of the Constitution of Louisiana,
12 shall annually be deposited in and credited to the fund.
13 (4) Any money appropriated or transferred to the fund by the legislature
14 including any appropriation to the fund from money designated in the official
15 forecast as provided in Article VII, Section 10(D)(2) 14(D)(2) of the Constitution of
16 Louisiana shall be deposited in the fund.
17 * * *
18 B. Money in the fund shall be invested by the state treasurer in accordance
19 with law. Earnings realized in each fiscal year on the investment of monies in the
20 fund shall be deposited to the credit of the fund. All unexpended and unencumbered
21 monies in the fund at the end of the fiscal year shall remain in the fund.
22 C. The money in the fund shall not be available for appropriation except
23 under the following conditions:
24 * * *
25 (5) No appropriation or deposit to the fund shall be made if such
26 appropriation or deposit would cause the balance in the fund to exceed four seven
27 and one-half percent of total state revenue receipts for the previous fiscal year. For
28 the purposes of this Section, total state revenue receipts shall not include any monies
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1 received by the state from the Federal Emergency Management Agency or other
2 sources providing disaster relief assistance.
3 * * *
4 §98.1. Creation of Funds; Millennium Trust
5 A. There shall be established in the state treasury as a special permanent trust
6 fund known as the Millennium Trust. After allocation of money to the Bond
7 Security and Redemption Fund as provided in Article VII, Section 9(B) (13)(B) of
8 the Constitution of Louisiana, the treasurer shall deposit in and credit to the
9 Millennium Trust certain monies received as a result of the Master Settlement
10 Agreement, hereinafter the "Settlement Agreement", executed November 23, 1998,
11 and approved by Consent Decree and Final Judgment entered in the case "Richard
12 P. Ieyoub, Attorney General, ex rel. State of Louisiana v. Philip Morris,
13 Incorporated, et al.", bearing Number 98-6473 on the docket of the Fourteenth
14 Judicial District for the parish of Calcasieu, state of Louisiana; and all dividend and
15 interest income and all realized capital gains on investment of monies in the
16 Millennium Trust. The treasurer shall deposit in and credit to the Millennium Trust
17 the following amounts of monies received as a result of the Settlement Agreement:
18 (1) Fiscal Year 2000-2001, forty-five percent of the total monies received
19 that year.
20 (2) Fiscal Year 2001-2002, sixty percent of the total monies received that
21 year.
22 (3) Fiscal Year 2002-2003 and each fiscal year thereafter, seventy-five
23 percent of the total monies received that year. each fiscal year as a result of the
24 Settlement Agreement. However, beginning in Fiscal Year 2011-2012 after the
25 balance in the Millennium Trust reaches a total of one billion three hundred eighty
26 million dollars, the The monies deposited in and credited to the Millennium Trust,
27 received by the state as a result of the Settlement Agreement, shall be allocated to
28 the various funds within the Millennium Trust as provided in Subsections B, C, and
29 D of this Section TOPS Fund.
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1 (4) For Fiscal Year 2000-2001, Fiscal Year 2001-2002, and Fiscal Year
2 2002-2003, ten percent of the total monies received in each of those years for credit
3 to the Education Excellence Fund which, notwithstanding the provisions of R.S.
4 39:98.3(A), shall be appropriated for the purposes provided in R.S. 39:98.3(C)(4).
5 B.(1) The Health Excellence Fund shall be established as a special fund
6 within the Millennium Trust. The treasurer shall credit to the Health Excellence Fund
7 one-third of the Settlement Agreement proceeds deposited each year into the
8 Millennium Trust and one-third one-half of all dividend and interest income and all
9 realized capital gains on investment of monies in the Millennium Trust. The
10 treasurer shall report annually to the legislature as to the amount of Millennium Trust
11 investment earnings credited to the Health Excellence Fund.
12 (2) Beginning Fiscal Year 2011-2012, and each fiscal year thereafter, the
13 treasurer shall credit to the Health Excellence Fund one-third of all dividend and
14 interest income and all realized capital gains on investment of monies in the
15 Millennium Trust.
16 (3) Beginning July 1, 2012, after After allocation of money to the Bond
17 Security and Redemption Fund as provided in Article VII, Section 9(B) 13(B) of the
18 Constitution of Louisiana, the treasurer shall deposit in and credit to the Health
19 Excellence Fund the revenues derived from the tax imposed by R.S. 47:841(B)(3).
20 C.(1) The Education Excellence Fund shall be established in the state
21 treasury as a special fund within the Millennium Trust. The treasurer shall credit to
22 the Education Excellence Fund one-third of the Settlement Agreement proceeds
23 deposited into the Millennium Trust and one-third of all dividend and interest
24 income and all realized capital gains on investment of monies in the Millennium
25 Trust.
26 (2) Beginning Fiscal Year 2011-2012, and each fiscal year thereafter, the
27 treasurer shall credit to the Education Excellence Fund one-third of all dividend and
28 interest income and all realized capital gains on investment of monies in the
29 Millennium Trust.
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1 D.(1) The TOPS Fund shall be established in the state treasury as a special
2 fund within the Millennium Trust. The treasurer shall credit to the TOPS Fund one-
3 third of the Settlement Agreement proceeds deposited into the Millennium Trust and
4 one-third of all dividend and interest income and all realized capital gains on
5 investment of monies in the Millennium Trust.
6 (2) Beginning Fiscal Year 2011-2012, and each fiscal year thereafter, the
7 treasurer shall credit to the TOPS Fund one hundred percent of the Settlement
8 Agreement proceeds deposited into the Millennium Trust and one-third one-half of
9 all dividend and interest income and all realized capital gains on investment of
10 monies in the Millennium Trust. The treasurer shall report annually to the legislature
11 as to the amount of Millennium Trust settlement agreement proceeds investment
12 earnings credited to the TOPS Fund.
13 (3) Upon the effective date of this Section, the state treasurer shall deposit,
14 transfer, or otherwise credit funds in an amount equal to such Settlement Agreement
15 proceeds deposited in and credited to the Millennium Trust received by the state
16 between April 1, 2011, and the effective date of this Section to the TOPS Fund.
17 D. Monies credited to the Millennium Trust pursuant to Subsection A of this
18 Section shall be invested by the treasurer. A portion of the monies, not to exceed
19 thirty-five percent, may be invested in stock. However, the portion of monies in the
20 Millennium Trust which may be invested in stock may be increased to no more than
21 fifty percent by a specific legislative instrument which receives a favorable vote of
22 two-thirds of the elected members of each house of the legislature. The legislature
23 shall provide for procedures for the investment of such monies as provided in R.S.
24 39:98.2. The treasurer may contract, subject to the approval of the State Bond
25 Commission, for the management of such investments and, if a contract is entered
26 into, amounts necessary to pay the costs of the contract shall be appropriated from
27 the Millennium Trust.
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1 §98.2. Investment of Millennium Trust
2 A. The treasurer is authorized and directed to invest monies in the
3 Millennium Trust which are available for investment in the investments permitted
4 for the Louisiana Education Quality Trust Fund, also known as the Kevin P. Reilly
5 Sr. Louisiana Education Quality Trust Fund, as set forth in R.S. 17:3803(B), (D), and
6 (E). any of the following:
7 (1) Time certificates of deposit of state banks organized under the laws of
8 Louisiana, national banks having their principal offices in the state of Louisiana,
9 savings accounts or shares of savings and loan associations and savings banks, as
10 defined by R.S. 6:703, or share accounts and share certificate accounts of federally
11 or state-chartered credit unions. The funds so invested shall not exceed at any time
12 the amount insured by the Federal Deposit Insurance Corporation (FDIC) in any one
13 savings and loan association and shall not exceed at any time the amount insured by
14 the National Credit Union Administration, or other deposit insurance corporation, in
15 any one credit union, unless the uninsured portion is collateralized by the pledge of
16 securities in the manner provided by R.S. 49:321.
17 (2) Direct obligations of the United States government, a United States
18 government agency, a United States government instrumentality, or a United States
19 government-sponsored enterprise, the timely payment of the principal and interest
20 of which is fully and explicitly guaranteed by the full faith and credit of the
21 government of the United States of America, and contained in a list promulgated by
22 the state treasurer.
23 (3) Direct obligations of a United States government agency, United States
24 government instrumentality, or United States government-sponsored enterprise, the
25 timely payment of principal and interest of which is fully guaranteed by the issuing
26 entity, but are not explicitly guaranteed by the full faith and credit of the government
27 of the United States, and contained in a list promulgated by the state treasurer.
28 (4) Stocks of any corporation listed on the New York Stock Exchange, the
29 American Stock Exchange, the National Association of Securities Dealers
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1 Automated Quotations System, or other such stock exchange domiciled in the United
2 States and registered with the United States Securities and Exchange Commission,
3 provided that the total investment in such stocks at any one time shall not exceed
4 thirty-five percent of the market value of all funds held by the treasurer in the
5 Millennium Trust.
6 (5)(a) Investment grade commercial paper issued in the United States, traded
7 in the United States markets, denominated in United States dollars, with a short-term
8 rating of at least A-1 by Standard & Poor's Financial Services LLC or P-1 by
9 Moody's Investor Service, Inc. or the equivalent rating by a nationally recognized
10 statistical rating organization.
11 (b) Investment grade corporate notes and bonds issued in the United States,
12 traded in United States markets, denominated in United States dollars, rated BAA or
13 better by Moody's Investor Service, Inc., or BBB or better by Standard & Poor's
14 Financial Services LLC, and the trades of which are settled through The Depository
15 Trust & Clearing Corporation, a national clearinghouse in the United States for the
16 settlement of securities trades.
17 (6) Money market funds consisting solely of securities otherwise eligible for
18 investment by the treasurer pursuant to this Section.
19 (7) Open end mutual funds, closed end mutual funds, and unit investment
20 trusts consisting solely of securities otherwise eligible for investment by the state
21 treasurer.
22 (8)(a) Tax exempt bonds and other taxable governmental bonds. In addition
23 to all other investment authority related to the Millennium Trust, the state treasurer
24 may invest in tax exempt bonds as defined in R.S. 49:342(C) and in taxable bonds
25 issued by any state or a political subdivision or public corporation of any state,
26 provided that such taxable bonds are rated at the time the investment is made by a
27 nationally recognized rating agency in one of the three highest rating categories of
28 that rating agency.
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1 (b) Bonds, debentures, notes, or other similar obligations issued in the
2 United States market, denominated in United States dollars and are the direct legal
3 obligations of a foreign nation which the International Monetary Fund lists as an
4 industrial country, for which investments in and/or business transactions with are not
5 prohibited or restricted by any law, regulation, or rule of the United States or the
6 state of Louisiana, and for which the full faith and credit of such nation has been
7 pledged for the payment of principal and interest; provided that any such security
8 shall be rated at least A- or better by Standard & Poor's Corporation or A3 or better
9 by Moody's, Inc., or an equivalent investment grade by a securities ratings
10 organization accepted by the National Association of Insurance Commissioners; and,
11 provided further that the total investment in such foreign securities at any one time
12 shall not exceed five percent of the market value of all investments held by the
13 treasurer in the Millennium Trust, or any other fund or investment of funds subject
14 to this investment authority.
15 (9) Any investment managers hired on a contract basis to advise the treasurer
16 regarding such investments shall be selected by the treasurer, subject to the approval
17 of the State Bond Commission, in accordance with a request for proposal process
18 using strict selection criteria based on sound industry principles. The contract, as
19 approved by the State Bond Commission, shall be on a fee, together with minimum
20 exchange fee, basis or on a commission basis only. The state treasurer shall adopt
21 and promulgate rules and regulations for such investments and for the selection of
22 outside investment managers.
23 (10) Open-end mutual funds, closed-end mutual funds, exchange traded
24 funds, and unit investment trusts consisting solely of international securities
25 constructed to match or track the components of a market index provided by globally
26 recognized index providers, including but not limited to MSCI, FTSE, Dow Jones,
27 Standard & Poor's, Barclays, Citigroup, or any of their affiliates or successors and
28 assigns; however, the total investment in any and all such index funds at any one
29 time shall not exceed ten percent of the market value of all funds held by the
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1 treasurer in the Millennium Trust. Nothing in this Subparagraph shall be construed
2 to allow the state treasurer to invest directly in the common stock of foreign
3 companies known to do business with nations that support terrorism.
4 * * *
5 E. On or before December first of each year, the treasurer shall prepare and
6 submit a report on the performance of the Millennium Trust to the Joint Legislative
7 Committee on the Budget and the commissioner of administration for their review.
8 With respect to the Education Excellence Fund, the report shall also be provided to
9 the state superintendent of education.
10 §98.3. Appropriations from the Health Excellence Fund, the Education Excellence
11 Fund, and the TOPS Fund §98.3. Appropriations from funds within the
12 Millennium Trust
13 A.(1) Appropriations from the Education Excellence Fund shall be limited
14 to an annual amount not to exceed the estimated aggregate annual earnings from
15 interest, dividends, and realized capital gains on investment of the Millennium Trust
16 allocated as provided by R.S. 39:98.1(B) and (C) as recognized by the Revenue
17 Estimating Conference. Amounts determined to be available for appropriation shall
18 be those aggregate investment earnings which are in excess of an inflation factor as
19 determined by the Revenue Estimating Conference. The amount of estimated
20 aggregate investment earnings available for appropriation shall be determined by
21 subtracting the product of the inflation factor multiplied by the amount of aggregate
22 investment earnings for the previous fiscal year from the amount of such estimated
23 aggregate investment earnings. The amount of realized capital gains on investment
24 which may be included in the aggregate earnings available for appropriation from the
25 Millennium Trust in any fiscal year shall not exceed the aggregate of earnings from
26 interest and dividends for that year.
27 (2)(a) For Fiscal Year 2011-2012 appropriations from the Health Excellence
28 Fund shall be limited to an annual amount not to exceed the estimated aggregate
29 annual earnings from interest, dividends, and realized capital gains on investment of
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1 the trust and credited to the Health Excellence Fund as provided by R.S.
2 39:98.1(B)(2) and as recognized by the Revenue Estimating Conference.
3 (b) For Fiscal Year 2012-2013, and For each fiscal year thereafter,
4 appropriations from the Health Excellence Fund shall be limited to an annual amount
5 not to exceed the estimated aggregate annual earnings from interest, dividends, and
6 realized capital gains on investment of the trust and credited to the Health Excellence
7 Fund as provided by R.S. 39:98.1(B)(2) R.S. 39:98.1(B)(1) and as recognized by the
8 Revenue Estimating Conference and the amount of proceeds credited to and
9 deposited into the Health Excellence Fund as provided by R.S. 39:98.1(B)(3) R.S.
10 39:98.1(B)(2).
11 (3)(a) For Fiscal Year 2011-2012, appropriations from the TOPS Fund shall
12 be limited to the amount of Settlement Agreement proceeds credited to and deposited
13 into the TOPS Fund as provided by R.S. 39:98.1(D)(2) and (3), and an annual
14 amount not to exceed the estimated aggregate annual earnings from interest,
15 dividends, and realized capital gains on investment of the trust and credited to the
16 TOPS Fund as provided by R.S. 39:98.1(D)(2) and as recognized by the Revenue
17 Estimating Conference.
18 (b) (2)(a) For Fiscal Year 2012-2013, and each fiscal year thereafter,
19 appropriations from the TOPS Fund shall be limited to the amount of annual
20 Settlement Agreement proceeds credited to and deposited into the TOPS Fund as
21 provided in R.S. 39:98.1(D)(2) R.S. 39:98.1(C), and an annual amount not to exceed
22 the estimated aggregate annual earnings from interest, dividends, and realized capital
23 gains on investment of the trust and credited to the TOPS Fund as provided in R.S.
24 39:98.1(D)(2) R.S. 39:98.1(C) and as recognized by the Revenue Estimating
25 Conference.
26 (c) For Fiscal Year 2011-2012, and each fiscal year thereafter, (b) The
27 amounts determined to be available for appropriation from the TOPS Fund from
28 interest earnings shall be those aggregate investment earnings which are in excess
29 of an inflation factor as determined by the Revenue Estimating Conference. The
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1 amount of realized capital gains on investment which may be included in the
2 aggregate earnings available for appropriation in any year shall not exceed the
3 aggregate of earnings from interest and dividends for that year.
4 (4) (3) Actual earnings from interest, dividends, and capital gains during the
5 fiscal year in excess of the amounts estimated as available for appropriation shall be
6 credited to the appropriate fund and available for appropriation in subsequent years.
7 Appropriations from the Health Excellence Fund, the Education Excellence Fund,
8 and the TOPS Fund shall include performance expectations to ensure accountability
9 in the expenditure of such monies.
10 * * *
11 C. The Education Excellence Fund shall be established in the state treasury
12 as a special fund within the Millennium Trust. Appropriations from the Education
13 Excellence Fund shall be restricted as follows:
14 * * *
15 §98.4. Louisiana Fund
16 A. There shall be established in the state treasury as a special fund the
17 Louisiana Fund hereinafter the "Fund". After allocation of money to the Bond
18 Security and Redemption Fund as provided in Article VII, Section 9(B) 13(B) of the
19 Constitution of Louisiana, the treasurer shall deposit in and credit to the Fund all
20 money remaining after deposit of monies into the Millennium Trust, which is
21 received as a result of the Master Settlement Agreement, hereinafter the "Settlement
22 Agreement", executed November 23, 1998, and approved by Consent Decree and
23 Final Judgment entered in the case "Richard P. Ieyoub, Attorney General, ex rel.
24 State of Louisiana v. Philip Morris, Incorporated, et al.", bearing Number 98-6473
25 on the docket of the Fourteenth Judicial District for the parish of Calcasieu, state of
26 Louisiana; and all interest income on investment of monies in the Fund. Monies in
27 the Fund shall be invested by the treasurer in the same manner as monies in the state
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1 general fund. All unencumbered and unexpended monies in the Fund fund at the end
2 of the fiscal year shall remain in the Fund fund.
3 * * *
4 §100.116. Dedication of mineral revenues
5 A. All mineral revenues as defined in Subsection D B of this Section
6 received in each fiscal year by the state as a result of the production of or exploration
7 for minerals, hereinafter referred to as mineral revenues, shall be allocated as
8 provided in this Section after the following allocations and deposits of mineral
9 revenues have been made:
10 (1) To the Bond Security and Redemption Fund as provided by Article VII,
11 Section 9(B) 13(B) of the Constitution of Louisiana.
12 (2) To the political subdivisions of the state as provided in Article VII,
13 Sections 4(D) and (E) Sections 8(B) and (C) of the Constitution of Louisiana and
14 R.S. 47:645.
15 (3) To the Louisiana Wildlife and Fisheries Conservation Fund as provided
16 by the requirements of Article VII, Section 10-A 23 of the Constitution of Louisiana
17 and R.S. 47:324, R.S. 56:799, and 799.3.
18 * * *
19 (10) To the Coastal Protection and Restoration Fund as provided in Article
20 VII, Section 10.2 17 of the Constitution of Louisiana and R.S. 49:214.5.4.
21 * * *
22 (12) To the Budget Stabilization Fund as provided in Article VII, Section
23 10.3 15 of the Constitution of Louisiana and R.S. 39:94.
24 * * *
25 B. After the allocations and deposits provided in Subsection A of this
26 Section, the mineral revenues received in each year in excess of six hundred sixty
27 million dollars and less than nine hundred fifty million dollars shall be allocated as
28 follows:
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1 (1) Thirty percent shall be appropriated to the Louisiana State Employees'
2 Retirement System and the Teachers' Retirement System of Louisiana for application
3 to the balance of the unfunded accrued liability of such systems existing as of June
4 30, 1988, in proportion to the balance of such unfunded accrued liability of each such
5 system, until such unfunded accrued liability has been eliminated. Any such
6 payments to the public retirement systems shall not be used, directly or indirectly,
7 to fund cost-of-living increases for such systems.
8 (2) The remainder shall be deposited into the Revenue Stabilization Trust
9 Fund.
10 C. Mineral revenues in excess of the base which would otherwise be
11 deposited into the Budget Stabilization Fund under R.S. 39:94(A)(2), but are
12 prohibited from being deposited into the fund under R.S. 39:94(C)(5), shall be
13 distributed as follows:
14 (1) Thirty percent shall be appropriated to the Louisiana State Employees'
15 Retirement System and the Teachers' Retirement System of Louisiana for application
16 to the balance of the unfunded accrued liability of such systems existing as of June
17 30, 1988, in proportion to the balance of such unfunded accrued liability of each such
18 system, until such unfunded accrued liability has been eliminated. Any such
19 payments to the public retirement systems shall not be used, directly or indirectly,
20 to fund cost-of-living increases for such systems.
21 (2) The remainder shall be deposited into the Revenue Stabilization Trust
22 Fund.
23 D. For purposes of this Section, "mineral revenues" shall include severance
24 taxes, royalty payments, bonus payments, or rentals, with the following exceptions:
25 (1) Revenues designated as nonrecurring, pursuant to Article VII, Section
26 10(B) of the Constitution of Louisiana.
27 (2) Revenues received by the state as a result of grants or donations when the
28 terms or conditions thereof require otherwise.
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1 (3) Revenues derived from any tax on the transportation of minerals.
2 * * *
3 §100.161. Louisiana Unclaimed Property Permanent Trust Fund
4 * * *
5 B.
6 * * *
7 (3)(a) Subject to the limitations provided in this Subsection, the state
8 treasurer may invest the monies deposited in and credited to the UCP Permanent
9 Trust Fund in the same manner as authorized for the Louisiana Education Quality
10 Trust Fund as set forth in R.S. 17:3803. any of the following:
11 (i) Time certificates of deposit of state banks organized under the laws of
12 Louisiana, national banks having their principal offices in the state of Louisiana,
13 savings accounts or shares of savings and loan associations and savings banks, as
14 defined by R.S. 6:703, or share accounts and share certificate accounts of federally
15 or state-chartered credit unions. The funds so invested shall not exceed at any time
16 the amount insured by the Federal Deposit Insurance Corporation (FDIC) in any one
17 savings and loan association and shall not exceed at any time the amount insured by
18 the National Credit Union Administration, or other deposit insurance corporation, in
19 any one credit union, unless the uninsured portion is collateralized by the pledge of
20 securities in the manner provided by R.S. 49:321.
21 (ii) Direct obligations of the United States government, a United States
22 government agency, a United States government instrumentality, or a United States
23 government-sponsored enterprise, the timely payment of the principal and interest
24 of which is fully and explicitly guaranteed by the full faith and credit of the
25 government of the United States of America, and contained in a list promulgated by
26 the state treasurer.
27 (iii) Direct obligations of a United States government agency, United States
28 government instrumentality, or United States government-sponsored enterprise, the
29 timely payment of principal and interest of which is fully guaranteed by the issuing
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1 entity, but are not explicitly guaranteed by the full faith and credit of the government
2 of the United States, and contained in a list promulgated by the state treasurer.
3 (iv) Stocks of any corporation listed on the New York Stock Exchange, the
4 American Stock Exchange, the National Association of Securities Dealers
5 Automated Quotations System, or other such stock exchange domiciled in the United
6 States and registered with the United States Securities and Exchange Commission,
7 provided that the total investment in such stocks at any one time shall not exceed
8 thirty-five percent of the market value of all funds held by the treasurer in the
9 Millennium Trust.
10 (v)(aa) Investment grade commercial paper issued in the United States,
11 traded in the United States markets, denominated in United States dollars, with a
12 short-term rating of at least A-1 by Standard & Poor's Financial Services LLC or P-1
13 by Moody's Investor Service, Inc., or the equivalent rating by a nationally recognized
14 statistical rating organization.
15 (bb) Investment grade corporate notes and bonds issued in the United States,
16 traded in United States markets, denominated in United States dollars, rated BAA or
17 better by Moody's Investor Service, Inc., or BBB or better by Standard & Poor's
18 Financial Services LLC, and the trades of which are settled through The Depository
19 Trust & Clearing Corporation, a national clearinghouse in the United States for the
20 settlement of securities trades.
21 (vi) Money market funds consisting solely of securities otherwise eligible
22 for investment by the treasurer pursuant to this Section.
23 (vii) Open end mutual funds, closed end mutual funds, and unit investment
24 trusts consisting solely of securities otherwise eligible for investment by the state
25 treasurer.
26 (viii) Tax exempt bonds and other taxable governmental bonds. In addition
27 to all other investment authority related to the Millennium Trust, the state treasurer
28 may invest in tax exempt bonds as defined in R.S. 49:342(C), and in taxable bonds
29 issued by any state or a political subdivision or public corporation of any state,
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1 provided that such taxable bonds are rated at the time the investment is made by a
2 nationally recognized rating agency in one of the three highest rating categories of
3 that rating agency.
4 (ix) Bonds, debentures, notes, or other similar obligations issued in the
5 United States market, denominated in United States dollars and are the direct legal
6 obligations of a foreign nation which the International Monetary Fund lists as an
7 industrial country, for which investments in and/or business transactions with are not
8 prohibited or restricted by any law, regulation, or rule of the United States or the
9 state of Louisiana, and for which the full faith and credit of such nation has been
10 pledged for the payment of principal and interest; provided that any such security
11 shall be rated at least A- or better by Standard & Poor's Corporation or A3 or better
12 by Moody's, Inc., or an equivalent investment grade by a securities ratings
13 organization accepted by the National Association of Insurance Commissioners; and,
14 provided further that the total investment in such foreign securities at any one time
15 shall not exceed five percent of the market value of all investments held by the
16 treasurer in the Millennium Trust, or any other fund or investment of funds subject
17 to this investment authority.
18 (x) Any investment managers hired on a contract basis to advise the treasurer
19 regarding such investments shall be selected by the treasurer, subject to the approval
20 of the State Bond Commission, in accordance with a request for proposal process
21 using strict selection criteria based on sound industry principles. The contract, as
22 approved by the State Bond Commission, shall be on a fee, together with minimum
23 exchange fee, basis or on a commission basis only. The state treasurer shall adopt
24 and promulgate rules and regulations for such investments and for the selection of
25 outside investment managers.
26 (xi) Open-end mutual funds, closed-end mutual funds, exchange traded
27 funds, and unit investment trusts consisting solely of international securities
28 constructed to match or track the components of a market index provided by globally
29 recognized index providers, including but not limited to MSCI, FTSE, Dow Jones,
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1 Standard & Poor's, Barclays, Citigroup, or any of their affiliates or successors and
2 assigns; however, the total investment in any and all such index funds at any one
3 time shall not exceed ten percent of the market value of all funds held by the
4 treasurer in the Millennium Trust. Nothing in this Subparagraph shall be construed
5 to allow the state treasurer to invest directly in the common stock of foreign
6 companies known to do business with nations that support terrorism.
7 (b) Investments made under authority of this Section shall mature on such
8 date or dates determined by the state treasurer in the exercise of prudent judgment
9 as will generate a favorable return to the state and will allow the monies to be
10 available for use at the time needed. The state treasurer shall prepare and submit for
11 approval a plan for such investments to the Board of Regents and the State Board of
12 Elementary and Secondary Education and the State Bond Commission. The state
13 treasurer shall report annually to the Joint Legislative Committee on the Budget, the
14 House Committee on Education, and the Senate Committee on Education on the
15 activity of such investments.
16 (c) Banks issuing time certificates of deposit under authority of this Section
17 shall pay interest at a rate not less than the rate determined by the United States
18 Treasury to have been the average interest rate plus one percent per annum on the
19 last previous sale of treasury bills with the same length of maturity; provided that if
20 at any time the interest rate so determined is in excess of the maximum rate banks
21 are permitted to pay on time certificates of deposit for the same period of time by
22 regulations of the Federal Reserve System or the Federal Deposit Insurance
23 Corporation, the interest rate shall be the maximum established by those regulations.
24 * * *
25 Section 4. R.S. 39:100.112 is hereby amended and reenacted to read as follows:
26 §100.112. Revenue Stabilization Trust Fund
27 A. There is hereby established in the state treasury a special trust fund, the
28 Revenue Stabilization Trust Fund, hereinafter referred to as the "fund".
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1 B. After allocation of money to the Bond Redemption and Security Fund as
2 provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer
3 shall deposit in and credit to the fund the revenues as provided for in Subsections C
4 and D of this Section. Monies in the fund shall only be used for the following
5 purposes:
6 (1) In accordance with Article VII, Section 35 of the Constitution of
7 Louisiana and R.S. 47:1703(B), a one-time payment shall be made to each parish that
8 elects to irrevocably exempt business inventory from ad valorem tax prior to July 1,
9 2026. The payment shall be made by the treasurer to the ad valorem tax collector
10 within thirty days of receipt of a certification from the secretary of the Department
11 of Revenue that the parish has irrevocably elected to exempt business inventory from
12 ad valorem tax.
13 (2) In any fiscal year in which the revenues received from corporation income
14 and franchise tax collections, as recognized by the Revenue Estimating Conference,
15 fall below eight hundred million dollars, the legislature may appropriate an amount
16 not to exceed the difference between actual corporation income and franchise tax
17 collections and eight hundred million from the Revenue Stabilization Fund.
18 C. The treasurer shall deposit into the fund the amount of mineral revenues
19 as provided in R.S. 39:100.116 Unexpended and unencumbered monies in the fund
20 at the end of the fiscal year shall remain in the fund.
21 D. The treasurer shall deposit into the fund the amount of revenues in excess
22 of six hundred million dollars received each fiscal year from corporate franchise and
23 income taxes as recognized by the Revenue Estimating Conference.
24 E.(1) Except as provided for in Subsection F of this Section, monies
25 deposited into the Revenue Stabilization Trust Fund shall be permanently credited
26 to the trust fund and shall be invested by the treasurer in the same manner as
27 investments of the Millennium Trust, as provided in R.S. 39:98.2.
28 (2) The treasurer shall deposit all interest or other income from investment
29 on the fund into the state general fund.
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1 F.(1) Except as provided in Paragraphs (2) and (3) of this Subsection, no
2 appropriations shall be made from the Revenue Stabilization Trust Fund.
3 (2)(a) In any fiscal year in which the balance of the fund at the beginning of
4 the year is in excess of five billion dollars, hereinafter referred to as the minimum
5 fund balance, the legislature may appropriate an amount not to exceed ten percent
6 of the fund balance, hereinafter referred to as the allowable percentage, for the
7 following:
8 (i) Capital outlay projects in the comprehensive state capital budget.
9 (ii) Transportation infrastructure.
10 (b) The minimum fund balance or the allowable percentage may be changed
11 by a law enacted by two-thirds of the elected members of each house of the
12 legislature.
13 (c) Notwithstanding any provision of this Paragraph to the contrary, for
14 Fiscal Year 2024-2025, the minimum fund balance shall equal two billion two
15 hundred million dollars, and the allowable percentage shall equal thirty-three
16 percent.
17 (3) In order to ensure the money in the fund is available for appropriation in
18 an emergency, the legislature may authorize an appropriation from the fund at any
19 time for any purpose pursuant to a concurrent resolution adopted by a favorable vote
20 of two-thirds of the elected members of each house of the legislature. If the
21 legislature is not in session, the two-thirds consent requirement shall be obtained as
22 provided in R.S. 39:87.
23 * * *
24 Section 5. R.S. 49:214.5.4(B) and (E)(1) are hereby amended and reenacted to read
25as follows:
26 §214.5.4. Funding and resource allocation
27 * * *
28 B. Of all mineral revenues received in each fiscal year by the state including
29 those received as a result of the production of or exploration for minerals, hereinafter
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1 referred to as mineral revenues from severance taxes, royalty payments, bonus
2 payments, or rentals, and excluding federal revenues received as provided in
3 Subsection E of this Section and such revenues received by the state as a result of
4 grants or donations when the terms or conditions thereof require otherwise, the
5 treasurer shall make the following allocations:
6 (1) To the Bond Security and Redemption Fund as provided in Article VII,
7 Section 9(B) 13(B) of the Constitution of Louisiana.
8 (2) To the political subdivisions of the state as provided in Article VII,
9 Sections 4(D) and (E) 8(B) and (C) of the Constitution of Louisiana.
10 (3) As provided by the requirements of Article VII, Sections 10-A and 10.1
11 of the Constitution of Louisiana R.S. 56:10.
12 * * *
13 E.(1) Subject to Article VII, Sections 9(B) and 10.1 Section 13(B) of the
14 Constitution of Louisiana, in each fiscal year, the federal revenues that are received
15 by the state generated from Outer Continental Shelf oil and gas activity and eligible,
16 as provided by federal law, to be used for the purposes provided in this Subsection
17 shall be deposited and credited by the treasurer to the Coastal Protection and
18 Restoration Fund.
19 * * *
20 Section 6. R.S. 56:639.8(C) and (E)(1) are hereby amended and reenacted and R.S.
2156:10(B)(1)(d) and (E) and 639.8(H) are hereby enacted to read as follows:
22 §639.8. Department of Wildlife and Fisheries; Artificial Reef Development Fund
23 * * *
24 C. There is hereby established a fund in the state treasury to be known as the
25 Artificial Reef Development Fund, hereinafter referred to as the "Reef Fund" or
26 "fund", into which the state treasurer shall each fiscal year, and beginning with the
27 1986-1987 Fiscal Year, deposit the funds received as provided in Subsections A and
28 B of this Section, after those revenues have been deposited in the Bond Security and
29 Redemption Fund. Out of the funds remaining in the Bond Security and Redemption
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1 Fund after a sufficient amount is allocated from that fund to pay all obligations
2 secured by the full faith and credit of the state that become due and payable within
3 each fiscal year, the treasurer, prior to placing such funds in the state general fund,
4 shall pay into the Reef Fund an amount equal to the funds deposited by the
5 department into the treasury as provided in Subsection B. The monies in the Reef
6 Fund shall be used solely as provided by Subsection E herein and only in the
7 amounts appropriated by the legislature. All unexpended and unencumbered monies
8 in the Reef Fund at the end of the fiscal year shall remain in the fund. The monies
9 in the fund shall be invested by the state treasurer in the same manner as monies in
10 the state general fund, and interest earned on the investment of these monies shall be
11 credited to the fund, again, following compliance with the requirement of Article
12 VII, Section 9(B) 13(B) of the Constitution of Louisiana, relative to the Bond
13 Security and Redemption Fund.
14 * * *
15 E.(1) Monies may be withdrawn directly from the Reef Fund for the
16 operation of the program as described in R.S. 56:639.5, including evaluation of the
17 program and administrative and field support for the sitting, designing, constructing,
18 permitting, establishing, monitoring, and maintenance of artificial reefs established
19 pursuant to this Subpart until such time that the council determines that the annual
20 interest earnings from the fund are sufficient to run the program.
21 * * *
22 H. The state treasurer shall prepare and submit to the department on a
23 quarterly basis a written report showing the amount of money contained in the fund
24 from all sources.
25 * * *
26 Section 7. R.S. 17:3801(B), (C)(4), and (F), R.S. 30:86(C), and R.S. 39:98.3(E), and
27100.116(A)(4), (9), (11), (13), (C), and (D) are hereby repealed in their entirety.
28 Section 8. R.S. 17:3801 through 3805 and R.S. 39:98.3(C) are hereby repealed in
29their entirety.
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1 Section 9. R.S. 39:100.112 is hereby repealed in its entirety. The state treasurer is
2hereby authorized and directed to transfer any remaining balance in the Revenue
3Stabilization Fund to the state general fund. Monies transferred pursuant to this Section
4shall be recognized by the Revenue Estimating Conference as nonrecurring revenues.
5 Section 10. R.S. 39:97 is hereby repealed in its entirety. The state treasurer is hereby
6authorized and directed to transfer any remaining balance in the Mineral Revenue Audit and
7Settlement Fund to the state general fund.
8 Section 11. The Louisiana State Law Institute is hereby authorized and directed to
9review all statutes which contain citations being changed by this Act and the Act that
10originated as House Bill No. 7 of the 2024 Third Extraordinary Session of the Legislature
11and in all statutory locations it deems appropriate change such references.
12 Section 12. Because of the broad impact of this Act and the Act that originated as
13House Bill No. 7 of the 2024 Third Extraordinary Session of the Legislature, the Louisiana
14State Law Institute is authorized and directed to study and make such recommendations as
15it deems necessary to revise statutory language to comply with changes that will be made
16by such Acts, if the Acts become effective. The Law Institute is directed to report its
17recommendations to the legislature on or before February 15, 2025.
18 Section 13. Upon the effective date of this Act, the state treasurer is hereby
19authorized and directed to transfer from the Revenue Stabilization Fund, into the Budget
20Stabilization Fund, an amount sufficient to bring the balance of the Budget Stabilization
21Fund equal to seven and one-half percent of the total state revenue receipts for the prior
22fiscal year.
23 Section 14. Section 9 of this Act shall become effective January 1, 2027.
24 Section 15. Section 8 of this Act shall become effective June 30, 2025.
25 Section 16. The provisions of this Section and Section 4 of this Act shall take effect
26and become operative on July 1, 2025, if and when the proposed amendment of Article VII
27of the Constitution of Louisiana contained in the Act which originated as House Bill No. 7
28of this 2024 Third Extraordinary Session of the Legislature is adopted at a statewide election
29and becomes effective.
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HB NO. 12
1 Section 17.(A) The provisions of this Section and Sections 1 through 3, 5 through 7,
210, 11, and 13 through 15 shall take effect and become operative if and when the proposed
3amendment of Article VII of the Constitution of Louisiana contained in the Act which
4originated as House Bill No. 7 of this 2024 Third Extraordinary Session of the Legislature
5is adopted at a statewide election and becomes effective.
6 (B) The provisions of Section 12 of this Act shall become effective upon signature
7by the governor or, if not signed by the governor, upon expiration of the time for bills to
8become law without signature by the governor, as provided by Article III, Section 18 of the
9Constitution of Louisiana. If vetoed by the governor and subsequently approved by the
10legislature, this Act shall become effective on the day following such approval.
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)]
HB 12 Engrossed 2024 Third Extraordinary Session Deshotel
Abstract: Provides relative to finances of the state and statutorily dedicated funds
Louisiana Education Quality Trust Fund
and the Louisiana Quality Education Support Fund
Present law provides for allocations to the Louisiana Education Quality Trust Fund and the
Louisiana Quality Education Support Fund and appropriations from these funds.
Proposed law repeals provisions related to the allocations made to the Louisiana Education
Quality Trust Fund and the Louisiana Quality Education Support Fund. Retains provisions
related to appropriations from the funds. Proposed law repeals all provisions related to both
funds effective June 30, 2025.
Oilfield Site Restoration Fund
Present law establishes a fund in the custody of the treasurer called the Oilfield Site
Restoration Fund. Proposed law establishes the fund as a special fund in the treasury.
Present law provides for the deposit, use, and investment of monies in the fund. Requires
the state treasurer to certify to the secretary of the Dept. of Revenue the date on which the
balance in the fund equals or exceeds $14M.
Proposed law retains present law. Adds provisions requiring unexpended and unencumbered
monies at the end of the fiscal year to remain in the fund, that monies in the fund be invested
by the treasurer in the manner provided by law, and that interest earned on the monies in the
fund shall be deposited into the fund. Requires the treasurer to prepare and submit to the
Dept. of Energy and Natural Resources on a quarterly basis a report reflecting the balance
of the fund.
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HB NO. 12
Oil Spill Contingency Fund
Present law creates a special fund in the state treasury called the Oil Spill Contingency Fund
in order to fulfill the constitutional mandate to protect, conserve, and replenish the natural
resources of the state. Requires the monies in the fund be used in response to all threatened
or actual unauthorized discharges of oil and for clean up. Provides for the deposit of monies
derived from all fees, taxes, penalties, judgments, reimbursements, charges, and federal
funds collected pursuant to the Oil Spill Prevention and Response Act. Provides for the
deposit, uses, and investment of the monies in the fund.
Proposed law retains present law. Provides for the deposit of any monies derived from fees,
taxes, penalties, reimbursements, charges, federal funds, or other revenue enacted by the
legislature for the purposes of abatement and containment of actual or threatened
unauthorized discharges of oil. Provides for deposit of funds or revenue donated to the fund.
Provides for monies in the fund to be appropriated for administrative costs associated with
the abatement and containment of unauthorized discharges of oil.
Budget Stabilization Fund
Present law creates a special fund in the state treasury called the Budget Stabilization Fund.
Provides for deposits into the fund from all monies available for appropriations from the
state general fund in excess of the expenditure limit. Provides for deposits into the fund from
all revenues received in each fiscal year in excess of $950M, referred to as the "base", as a
result of production or exploration of minerals. Allows the "base" to be increased every 10
years by law enacted with a 2/3 vote of the members of the legislature. Further provides for
deposits into the fund as follows: (1) the greater of $25M from any source or 25% of any
money designated in the official forecast as nonrecurring revenue; (2) any additional monies
appropriated by the legislature; and (3) monies received from the federal government for
the reimbursement of costs associated with a federal disaster. Provides for uses of monies
in the fund in cases of a budget deficit. Prohibits any appropriation or deposit into the fund
which would cause the balance of the fund to exceed 4% of total state revenue receipts (the
cap) for the previous fiscal year.
Proposed law retains the Budget Stabilization Fund as a special fund within the state
treasury. Retains the provision requiring a deposit into the fund from all monies in excess
of the expenditure limit. Retains the uses of monies in the fund in cases of a budget deficit.
Proposed law removes the provision in present law regarding deposits in excess of $950M
of mineral revenues and the provisions regarding the increase of the "base". Proposed law
provides for a new source of deposits into the fund. Proposed law provides for deposits from
15% of the corporate income and franchise tax revenues and 15% of mineral revenues
received each fiscal year. Increases the cap to 7.5% of total state revenues for the previous
fiscal year. Further provides that if these deposits cannot be made because the fund has
reached "the cap", then these deposits would be made to the state general fund and
incorporated into the official forecast as nonrecurring revenue. Defines mineral revenues as
severance taxes, royalty payments, bonus payments, and rentals. Excludes revenues
designated as nonrecurring, revenues received as a result of grants or donations, and
revenues derived from any tax on the transportation of minerals. Further requires all
unexpended and unencumbered monies in the fund at the end of the fiscal year to remain in
the fund.
Millennium Trust
Present law creates a special fund in the state treasury called the Millennium Trust. Provides
for deposits into the fund from monies received as a result of the tobacco settlement, as well
as any interest income and realized capital gains on investment of monies in the fund.
Provides for 75% of the tobacco settlement funds to be deposited into the Millennium Trust.
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HB NO. 12
Creates three special subfunds within the Millennium Trust: (1) the Health Excellence Fund;
(2) the Education Excellence Fund; and (3) the TOPS Fund.
Present law provides that beginning in FY 2012, deposits shall be made as follows: (1) 1/3
of all dividend and interest income and all realized capital gains on investments of monies
in the fund to the Health Excellence Fund; (2) 1/3 of all dividend and interest income and
all realized capital gains on investments of monies into the Education Excellence Fund; and
(3) 100% (of the 75%) of the tobacco settlement proceeds deposited into the Millennium
Trust Fund and 1/3 of all dividend and interest income and all realized capital gains of
monies invested into the TOPS Fund. Requires the treasurer to report annually to the
legislature the amount of investment earnings credited to the TOPS fund.
Proposed law retains the Millennium Trust as a special fund within the state treasury.
Retains the Health Excellence Fund and the TOPS Fund, but repeals the Education
Excellence Fund. Provides for deposits as follows: (1) ½ of all dividend and interest income
and all realized capital gains of monies invested to the Health Excellence Fund; and (2)
100% (of the 75%) of the tobacco settlement proceeds deposited into the Millennium Trust
and ½ of all dividend and interest income and all realized capital gains of monies invested
into the TOPS fund. Repeals language regarding deposit and the distribution of monies in
the fund for prior fiscal years.
Present law provides for the investment of the Millennium Trust. Directs the treasurer to
invest monies in the trust in the same investments permitted for the Louisiana Education
Quality Trust Fund (LEQTF). Provides for investment maturity and interest rates on
certificates of deposit. Authorizes the treasurer to enter into direct security repurchase
agreements, reverse security repurchase agreements, and securities lending contracts in order
to generate passive income. Provides definition for direct security repurchase agreements,
reverse security repurchase agreements, and securities lending contracts. Requires the
treasurer to annually submit a report on the performance of the trust to the Joint Legislative
Committee on the Budget and the commissioner of administration. Requires the treasurer
to annually submit a report on the performance of the Education Excellence Fund to the state
superintendent of education.
Proposed law provides for the investment of the Millennium Trust; however, proposed law
adds the types of investments allowable for monies in the LEQTF. Requires any investment
managers hired on a contract basis to advise the treasurer to be selected by the treasurer and
approved by the state bond commission. Removes the provision in present law that requires
submission of the annual report regarding the performance of the Education Excellence Fund
to the state superintendent of education. Retains all other provisions in present law.
Present law provides for appropriations from the subfunds within the Millennium Trust: (1)
the Education Excellence Fund; (2) the Health Excellence Fund; and (3) the TOPS fund.
Provides limitations to the amounts appropriated from the Education Excellence Fund, the
Health Excellence Fund, and the TOPS fund. Provides for specific purposes for monies
appropriated from the Health Excellence Fund, the Education Excellence Fund, and the
TOPS fund.
Proposed law retains provisions in present law regarding appropriations from the Health
Excellence Fund and the TOPS fund. Proposed law repeals prior year limitations on
amounts that may be appropriated from the funds.
Proposed law repeals provisions related to the allocations made to the Education Excellence
Fund and retains the provisions in present law regarding appropriations from the fund.
Proposed law repeals all provisions of the Education Excellence Fund effective June 30,
2025.
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HB NO. 12
Louisiana Fund
Present law creates a special fund in the state treasury called the Louisiana Fund. Provides
for the remaining monies from the tobacco settlement after the deposit into the Millennium
Trust, and all interest income. Provides for monies in the fund to be invested in the same
manner as the state general fund. Provides for all unencumbered and unexpended monies
in the fund to remain in the fund. Provides for appropriations from the fund not to exceed
50% of the total amount of monies appropriated from the fund in any fiscal year. Provides
for purposes of appropriations from the fund.
Proposed law provides for all unencumbered and unexpended monies in the fund at the end
of the fiscal year to remain in the fund. Retains all other provisions in present law.
Dedication of Mineral Revenues
Present law provides for the dedication of mineral revenues to 13 separate funds, to the
Louisiana State Employees' Retirement System and the Teachers' Retirement System of
Louisiana, and to the Revenue Stabilization Trust Fund.
Proposed law repeals the dedication of mineral revenues to the following: the Louisiana
Wildlife and Fisheries Conservation Fund, the Oil and Gas Regulatory Dedicated Fund
Account, the Louisiana Education Quality Trust Fund, the Louisiana Quality Education
Support Fund, Mineral Revenue Audit and Settlement Fund, the Transportation Trust Fund,
the Revenue Stabilization Trust Fund, the Louisiana State Employees' Retirement System,
and the Teachers' Retirement System of Louisiana. Retains the provisions in present law
related to the dedication of mineral revenues to the Bond Security and Redemption Fund,
the political subdivisions of the state, the Louisiana Wildlife and Fisheries Conservation
Fund, the Rockefeller Wildlife Refuge and Game Preserve Fund, the Marsh Island Operating
Fund, the Russell Sage or Marsh Island Refuge Fund, the MC Davis Conservation Fund, the
White Lake Property Fund, the Coastal Protection and Restoration Fund, and the Budget
Stabilization Fund.
Louisiana Unclaimed Property Permanent Trust Fund
Present law creates a special fund in the state treasury called the Louisiana Unclaimed
Property Permanent Trust Fund. Prohibits appropriations from the fund. Provides for the
fund to ensure a source of payment for claims made by owners of unclaimed property.
Deposits into the fund derive from the amount of all monies received as a result of the
Uniform Unclaimed Property Act of 1997. Provides for realized capital gains, dividend
income, and interest income earned on the investments in the fund to be deposited into the
state general fund.
Proposed law retains present law and provides for investment of monies in the fund.
Revenue Stabilization Fund
Present law creates a special fund in the state treasury called the Revenue Stabilization Trust
Fund. Deposits into the fund derive from mineral revenues, as provided by law, and revenues
in excess of $600M from corporate franchise and income tax. Further provides for allowable
uses of monies in the fund when the balance is in excess of $5B. Appropriations may be
made from the fund in an amount not to exceed 10% of the fund balance for: (1) capital
outlay projects and (2) transportation infrastructure. Allows for the minimum fund balance
and the allowable percentage to be changed by law enacted with a 2/3 vote of the legislature.
Provides for uses of monies in the fund during an emergency.
Proposed law retains the special fund in the state treasury, but changes the name to the
Revenue Stabilization Fund. Removes all other present law provisions.
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HB NO. 12
Proposed law authorizes use of monies in the fund for a one-time payment to each parish
which elects to irrevocably exempt business inventory from ad valorem tax prior to July 1,
2026. Further authorizes monies in the fund to be used when revenues from corporate
income tax collections fall below $800M. Allows the legislature to appropriate an amount
not to exceed the difference between the actual corporation income tax collections and $800
M. Provides that unexpended and unencumbered monies in the fund at the end of the fiscal
year remain in the fund.
Proposed law will be repealed on Jan. 1, 2027. Upon repeal, the treasurer is authorized and
directed to transfer any remaining monies in the fund to the state general fund, which shall
then be recognized as nonrecurring revenues.
Coastal Protection and Restoration Fund
Present law creates a special fund in the state treasury called the Coastal Protection and
Restoration Fund. Provides for deposit, use, and investment of monies in the fund.
Proposed law changes internal cross references to the Constitution of Louisiana and state
statutes to align with House Bill No. 7. Proposed law retains all other provisions of present
law.
Artificial Reef Development Fund
Present law creates a special fund in the state treasury called the Artificial Reef Development
Fund. Provides for deposit, use, and investment of monies in the fund.
Proposed law makes technical changes. Further changes internal cross references to the
Constitution of Louisiana to align with House Bill No. 7 of the 2024 3
rd
E.S. of the
Legislature. Adds sitting, designing, and constructing of artificial reefs as an allowable use
of monies in the fund. Requires the state treasurer to submit an annual report to the Dept. of
Wildlife and Fisheries containing a statement of monies in the fund. Proposed law retains
all other provisions of present law.
Repealed Funds
Present law creates a special fund in the state treasury called the Mineral Revenue Audit and
Settlement Fund. Provides for the deposit, use, and investment of monies in the fund.
Proposed law repeals the Mineral Revenue Audit and Settlement Fund and directs the state
treasurer to transfer any balance in the fund to the state general fund.
Proposed law repeals certain provisions within the Oilfield Site Restoration Fund. Provides
for the repeal of the certification from the state treasurer to the Secretary of Revenue when
the balance in the fund reaches $14M. Provides for the repeal of provisions regarding when
fees may be collected after the certification. Provides for the repeal of provisions which lists
the monies that shall not be counted to determine the balance of the fund.
Louisiana State Law Institute
Proposed law authorizes and directs the law institute to review all statutes which contain
citations being changed by proposed law and the Act that originated as House Bill No. 7 of
the 2024 3
rd
E.S. of the Legislature. Effective if and when the proposed amendment of Art.
7 of the Constitution of La. contained in the Act which originated as House Bill No. 7 of this
2024 3
rd
E.S. of the Legislature is adopted at a statewide election and becomes effective.
Proposed law authorizes and directs the law institute to study and make recommendations
to revise statutory language to comply with changes that will be made by proposed law and
the Act which originated as House Bill No. 7 of the 2024 3
rd
E.S. of the Legislature. The law
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HB NO. 12
institute is directed to report to the legislature by Feb. 15, 2025. Effective upon signature of
the governor.
Effectiveness
Repealed provisions of law and all other sections of this bill (unless otherwise stated)
become effective if and when the proposed amendment of Art. 7 of the Constitution of La.
contained in the Act which originated as House Bill No. 7 of the 2024 3
rd
E.S. of the
Legislature is adopted at a statewide election and becomes effective.
Proposed law regarding the Revenue Stabilization fund shall become effective on July 1,
2025 if the proposed amendment of Art. 7 of the Constitution of La. contained in the Act
which originated as House Bill No. 7 of the 2024 3
rd
E.S. of the Legislature is adopted at a
statewide election and becomes effective. The repeal of the Revenue Stabilization Fund is
effective on Jan. 1, 2027.
(Amends R.S. 17:3801(A) and (C) and 3802(A)(1), R.S. 30:86(A)(1) and 2483(B)-(E), R.S.
39:94(A)(intro. para.) and (1)-(4), (B), and (C)(5), 98.1, 98.2(A) and (E), 98.3(A) and
(C)(intro. para.), 98.4(A), 100.112, 110.116(A)(intro. para.), (1)-(3), (10), (12), and (B), and
100.161(B)(3), R.S. 49:214.5.4(B) and (E)(1), and R.S. 56:639.8(C) and (E)(1); Adds R.S.
30(86)(I)-(K) and 2483(F) and (G) and R.S. 56:639.8(H); Repeals R.S. 17:3801(B), (C)(4),
and (F), R.S. 30:86(C), and R.S. 39:97, 98.3(E), and 100.116(A)(4), (9), (11), and (13), (C),
and (D))
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Appropriations to the
original bill:
1. Repeal provisions related to allocations made to the Louisiana Education Quality
Trust Fund, the Louisiana Quality Education Support Fund, and the Education
Excellence Fund. Retain provisions related to appropriations from the funds.
2. Repeal the Louisiana Education Quality Trust Fund, the Louisiana Quality
Education Support Fund, and the Education Excellence Fund effective June 30,
2025.
3. Repeal provisions related to the dedication of mineral revenues to the Louisiana
Wildlife and Fisheries Conservation Fund and the Oil and Gas Regulatory
Dedicated Fund Account, the Louisiana Education Quality Trust Fund, the
Louisiana Quality Education Support Fund, the Mineral Revenue Audit and
Settlement Fund, the Transportation Trust Fund, the Louisiana State Employees'
Retirement System, and the Teachers' Retirement System of Louisiana.
4. Restore the provisions of the Conservation Fund to present law.
5. Restore the provisions of the State Bond Commission to present law.
6. Make technical changes.
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