Louisiana House Bill HB12 Engrossed / Bill

                    HLS 243ES-17	REENGROSSED
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, 100.116(A)(introductory paragraph), (1) through (3), (10), (12), and (B),
6 and 100.161(B)(3), R.S. 49:214.5.4(B) through (D), (E)(1), (F), (G)(introductory
7 paragraph), (H), (I)(1), and (J), and R.S. 56:639.8(C) and (E)(1), to enact R.S.
8 30:86(I) through (K) and 2483(F) and (G) and R.S. 56:639.8(H), and to repeal R.S.
9 17:3801 through 3805, R.S. 30:86(C), and R.S. 39:97, 98.3(C) and (E), 100.112,
10 100.116(A)(4), (9), (11), and (13), (C), and (D), R.S. 49:214.5.4(K), and R.S.
11 56:639.8(E)(3), relative to finances of the state; to provide for certain treasury funds;
12 to provide for the transfer, deposit, and use, as specified, of monies in certain
13 treasury funds and accounts;  to provide for the investment of certain treasury funds
14 and accounts; to repeal certain treasury funds and accounts; to provide for
15 effectiveness; and to provide for related 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) and (C)(introductory paragraph), 98.4(A),
18100.116(A)(introductory paragraph), (1) through (3), (10), (12), and (B), and 100.161(B)(3)
19are hereby amended and reenacted to read as follows:
20 §94.  Budget Stabilization Fund
21	A.  There is hereby created in the state treasury a special fund to be
22 designated as the Budget Stabilization Fund, hereafter referred to in this Section as
23 the "fund", which shall consist of all money deposited into the fund in accordance
24 with Article VII, Section 10.3 15 of the Constitution of Louisiana.  Money shall be
25 deposited into the fund as follows:
26	(1)  All money available for appropriation from the state general fund and
27 dedicated funds in excess of the expenditure limit, except funds allocated by Article
28 VII, Section 4 8, Paragraphs (D) and (E) (B) and (C) of the Constitution of
29 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 Paragraph
26 (C)(5) of this Section, then the remaining monies shall be deposited into the state
27 general fund and incorporated into the official forecast as nonrecurring for use as
28 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 any bank domiciled or having a branch
8 office in the state of Louisiana, savings accounts or shares of savings and loan
9 associations and savings banks, as defined by R.S. 6:703(16) and (17), or share
10 accounts and share certificate accounts of federally or state-chartered credit unions
11 issuing time certificates of deposit, issued for the state treasurer under this authority.
12 For those funds determined under prudent judgment of the state treasurer to be made
13 available for investment in time certificates of deposit, the rate of interest paid by the
14 banks shall be determined by rules and regulations adopted and promulgated by the
15 state treasurer.  Competitive bidding may be used to establish the rate of interest on
16 fifty percent or less of the amount determined to be available as of that date for
17 investment in time certificates of deposit.  Those financial institutions bidding on
18 time certificates of deposit shall meet the financial criteria established by rules and
19 regulations adopted and promulgated by the state treasurer.  At the time of
20 investment, the interest rate under the provisions of this Subsection shall be a rate not
21 less than the prevailing market interest rate on direct obligations of the United States
22 Treasury with a similar length of maturity.  The funds so invested shall not exceed
23 at any time the amount insured by the Federal Deposit Insurance Corporation (FDIC)
24 in any one bank, savings bank, or savings and loan association and shall not exceed
25 at any time the amount insured by the National Credit Union Administration, or other
26 deposit insurance corporation, in any one credit union, unless the uninsured portion
27 is collateralized by the pledge of securities in the manner provided by R.S. 49:321.
28	(2)  Direct obligations of the United States government, a United States
29 government agency, a United States government instrumentality, or a United States
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1 government-sponsored enterprise, the timely payment of the principal and interest
2 of which is fully and explicitly guaranteed by the full faith and credit of the
3 government of the United States of America, and contained in a list promulgated by
4 the state treasurer.
5	(3)  Direct obligations of a United States government agency, United States
6 government instrumentality, or United States government-sponsored enterprise, the
7 timely payment of principal and interest of which is fully guaranteed by the issuing
8 entity, but are not explicitly guaranteed by the full faith and credit of the government
9 of the United States, and contained in a list promulgated by the state treasurer.
10	(4)  Stocks of any corporation listed on the New York Stock Exchange, the
11 American Stock Exchange, the National Association of Securities Dealers
12 Automated Quotations System, or other such stock exchange domiciled in the United
13 States and registered with the United States Securities and Exchange Commission,
14 provided that the total investment in such stocks at any one time shall not exceed
15 thirty-five percent of the market value of all funds held by the treasurer in the
16 Millennium Trust.
17	(5)(a)  Investment grade commercial paper issued in the United States, traded
18 in the United States markets, denominated in United States dollars, with a short-term
19 rating of at least A-1 by Standard & Poor's Financial Services LLC or P-1 by
20 Moody's Investor Service, Inc. or the equivalent rating by a nationally recognized
21 statistical rating organization.
22	(b)  Investment grade corporate notes and bonds issued in the United States,
23 traded in United States markets, denominated in United States dollars, rated BAA or
24 better by Moody's Investor Service, Inc., or BBB or better by Standard & Poor's
25 Financial Services LLC, and the trades of which are settled through The Depository
26 Trust & Clearing Corporation, a national clearinghouse in the United States for the
27 settlement of securities trades.
28	(6)  Money market funds consisting solely of securities otherwise eligible for
29 investment by the treasurer pursuant to this Section.
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1	(7)  Open-end mutual funds, closed-end mutual funds, and unit investment
2 trusts consisting solely of securities otherwise eligible for investment by the state
3 treasurer.
4	(8)(a)  Tax exempt bonds and other taxable governmental bonds. In addition
5 to all other investment authority related to the Millennium Trust, the state treasurer
6 may invest in tax exempt bonds as defined in R.S. 49:342(C) and in taxable bonds
7 issued by any state or a political subdivision or public corporation of any state,
8 provided that such taxable bonds are rated at the time the investment is made by a
9 nationally recognized rating agency in one of the three highest rating categories of
10 that rating agency.
11	(b)  Bonds, debentures, notes, or other similar obligations issued in the
12 United States market, denominated in United States dollars and which are the direct
13 legal obligations of a foreign nation which the International Monetary Fund lists as
14 an industrial country, for which investments in and/or business transactions with are
15 not prohibited or restricted by any law, regulation, or rule of the United States or the
16 state of Louisiana, and for which the full faith and credit of such nation has been
17 pledged for the payment of principal and interest; provided that any such security
18 shall be rated at least A- or better by Standard & Poor's Corporation or A3 or better
19 by Moody's, Inc., or an equivalent investment grade by a securities ratings
20 organization accepted by the National Association of Insurance Commissioners; and,
21 provided further that the total investment in such foreign securities at any one time
22 shall not exceed five percent of the market value of all investments held by the
23 treasurer in the Millennium Trust, or any other fund or investment of funds subject
24 to this investment authority.
25	(9)  Any investment managers hired on a contract basis to advise the treasurer
26 regarding such investments shall be selected by the treasurer, subject to the approval
27 of the State Bond Commission, in accordance with a request for proposal process
28 using strict selection criteria based on sound industry principles.  The contract, as
29 approved by the State Bond Commission, shall be on a fee, together with minimum
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1 exchange fee, basis or on a commission basis only.  The state treasurer shall adopt
2 and promulgate rules and regulations for such investments and for the selection of
3 outside investment managers.
4	(10)  Open-end mutual funds, closed-end mutual funds, exchange-traded
5 funds, and unit investment trusts consisting solely of international securities
6 constructed to match or track the components of a market index provided by globally
7 recognized index providers, including but not limited to MSCI, FTSE, Dow Jones,
8 Standard & Poor's, Barclays, Citigroup, or any of their affiliates or successors and
9 assigns;  however, the total investment in any and all such index funds at any one
10 time shall not exceed ten percent of the market value of all funds held by the
11 treasurer in the Millennium Trust.  Nothing in this Paragraph shall be construed to
12 allow the state treasurer to invest directly in the common stock of foreign companies
13 known to do business with nations that support terrorism.
14	*          *          *
15	E.  On or before December first of each year, the treasurer shall prepare and
16 submit a report on the performance of the Millennium Trust to the Joint Legislative
17 Committee on the Budget and the commissioner of administration for their review. 
18 With respect to the Education Excellence Fund, the report shall also be provided to
19 the state superintendent of education.
20 §98.3.  Appropriations from the Health Excellence Fund, the Education Excellence
21	Fund, and the TOPS Fund §98.3.  Appropriations from funds within the
22	Millennium Trust
23	A.(1)  Appropriations from the Education Excellence Fund shall be limited
24 to an annual amount not to exceed the estimated aggregate annual earnings from
25 interest, dividends, and realized capital gains on investment of the Millennium Trust
26 allocated as provided by R.S. 39:98.1(B) and (C) as recognized by the Revenue
27 Estimating Conference. Amounts determined to be available for appropriation shall
28 be those aggregate investment earnings which are in excess of an inflation factor as
29 determined by the Revenue Estimating Conference.  The amount of estimated
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1 aggregate investment earnings available for appropriation shall be determined by
2 subtracting the product of the inflation factor multiplied by the amount of aggregate
3 investment earnings for the previous fiscal year from the amount of such estimated
4 aggregate investment earnings.  The amount of realized capital gains on investment
5 which may be included in the aggregate earnings available for appropriation from the
6 Millennium Trust in any fiscal year shall not exceed the aggregate of earnings from
7 interest and dividends for that year.
8	(2)(a)  For Fiscal Year 2011-2012 appropriations from the Health Excellence
9 Fund shall be limited to an annual amount not to exceed the estimated aggregate
10 annual earnings from interest, dividends, and realized capital gains on investment of
11 the trust and credited to the Health Excellence Fund as provided by R.S.
12 39:98.1(B)(2) and as recognized by the Revenue Estimating Conference.
13	(b)  For Fiscal Year 2012-2013, and For each fiscal year thereafter,
14 appropriations from the Health Excellence Fund shall be limited to an annual amount
15 not to exceed the estimated aggregate annual earnings from interest, dividends, and
16 realized capital gains on investment of the trust and credited to the Health Excellence
17 Fund as provided by R.S. 39:98.1(B)(2) R.S. 39:98.1(B)(1) and as recognized by the
18 Revenue Estimating Conference and the amount of proceeds credited to and
19 deposited into the Health Excellence Fund as provided by R.S. 39:98.1(B)(3) R.S.
20 39:98.1(B)(2).
21	(3)(a)  For Fiscal Year 2011-2012, appropriations from the TOPS Fund shall
22 be limited to the amount of Settlement Agreement proceeds credited to and deposited
23 into the TOPS Fund as provided by R.S. 39:98.1(D)(2) and (3), and an annual
24 amount not to exceed the estimated aggregate annual earnings from interest,
25 dividends, and realized capital gains on investment of the trust and credited to the
26 TOPS Fund as provided by R.S. 39:98.1(D)(2) and as recognized by the Revenue
27 Estimating Conference.
28	(b) (2)(a) For Fiscal Year 2012-2013, and each fiscal year thereafter,
29 appropriations from the TOPS Fund shall be limited to the amount of annual
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1 Settlement Agreement proceeds credited to and deposited into the TOPS Fund as
2 provided in R.S. 39:98.1(D)(2) R.S. 39:98.1(C), and an annual amount not to exceed
3 the estimated aggregate annual earnings from interest, dividends, and realized capital
4 gains on investment of the trust and credited to the TOPS Fund as provided in R.S.
5 39:98.1(D)(2) R.S. 39:98.1(C) and as recognized by the Revenue Estimating
6 Conference.
7	(c)  For Fiscal Year 2011-2012, and each fiscal year thereafter, (b) The
8 amounts determined to be available for appropriation from the TOPS Fund from
9 interest earnings shall be those aggregate investment earnings which are in excess
10 of an inflation factor as determined by the Revenue Estimating Conference.  The
11 amount of realized capital gains on investment which may be included in the
12 aggregate earnings available for appropriation in any year shall not exceed the
13 aggregate of earnings from interest and dividends for that year.
14	(4) (3) Actual earnings from interest, dividends, and capital gains during the
15 fiscal year in excess of the amounts estimated as available for appropriation shall be
16 credited to the appropriate fund and available for appropriation in subsequent years. 
17 Appropriations from the Health Excellence Fund, the Education Excellence Fund,
18 and the TOPS Fund shall include performance expectations to ensure accountability
19 in the expenditure of such monies.
20	*          *          *
21	C.  The Education Excellence Fund shall be established in the state treasury
22 as a special fund within the Millennium Trust. Appropriations from the Education
23 Excellence Fund shall be restricted as follows:
24	*          *          *
25 §98.4.  Louisiana Fund
26	A.  There shall be established in the state treasury as a special fund the
27 Louisiana Fund hereinafter the "Fund".  After allocation of money to the Bond
28 Security and Redemption Fund as provided in Article VII, Section 9(B) 13(B) of the
29 Constitution of Louisiana, the treasurer shall deposit in and credit to the Fund all
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1 money remaining after deposit of monies into the Millennium Trust, which is
2 received as a result of the Master Settlement Agreement, hereinafter the "Settlement
3 Agreement", executed November 23, 1998, and approved by Consent Decree and
4 Final Judgment entered in the case "Richard P. Ieyoub, Attorney General, ex rel.
5 State of Louisiana v. Philip Morris, Incorporated, et al.", bearing Number 98-6473
6 on the docket of the Fourteenth Judicial District for the parish of Calcasieu, state of
7 Louisiana; and all interest income on investment of monies in the Fund.  Monies in
8 the Fund shall be invested by the treasurer in the same manner as monies in the state 
9 general fund.  All unencumbered and unexpended monies in the Fund fund at the end
10 of the fiscal year shall remain in the Fund fund.
11	*          *          *
12 §100.116.  Dedication of mineral revenues
13	A.  All mineral revenues as defined in Subsection D B of this Section
14 received in each fiscal year by the state as a result of the production of or exploration
15 for minerals, hereinafter referred to as mineral revenues, shall be allocated as
16 provided in this Section after the following allocations and deposits of mineral
17 revenues have been made:
18	(1)  To the Bond Security and Redemption Fund as provided by Article VII,
19 Section 9(B) 13(B) of the Constitution of Louisiana.
20	(2)  To the political subdivisions of the state as provided in Article VII,
21 Sections 4(D) and (E)  Sections 8(B) and (C) of the Constitution of Louisiana and
22 R.S. 47:645.
23	(3)  To the Louisiana Wildlife and Fisheries Conservation Fund as provided
24 by the requirements of Article VII, Section 10-A  23 of the Constitution of Louisiana
25 and R.S. 47:324, R.S. 56:799, and 799.3.
26	*          *          *
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1	(10)  To the Coastal Protection and Restoration Fund as provided in Article
2 VII, Section 10.2 of the Constitution of Louisiana and R.S. 49:214.5.4.
3	*          *          *
4	(12)  To the Budget Stabilization Fund as provided in Article VII, Section
5 10.3 15 of the Constitution of Louisiana and R.S. 39:94.
6	*          *          *
7	B.  After the allocations and deposits provided in Subsection A of this
8 Section, the mineral revenues received in each year in excess of six hundred sixty
9 million dollars and less than nine hundred fifty million dollars shall be allocated as
10 follows:
11	(1)  Thirty percent shall be appropriated to the Louisiana State Employees'
12 Retirement System and the Teachers' Retirement System of Louisiana for application
13 to the balance of the unfunded accrued liability of such systems existing as of June
14 30, 1988, in proportion to the balance of such unfunded accrued liability of each such
15 system, until such unfunded accrued liability has been eliminated.  Any such
16 payments to the public retirement systems shall not be used, directly or indirectly,
17 to fund cost-of-living increases for such systems.
18	(2)  The remainder shall be deposited into the Revenue Stabilization Trust
19 Fund.
20	C.  Mineral revenues in excess of the base which would otherwise be
21 deposited into the Budget Stabilization Fund under R.S. 39:94(A)(2), but are
22 prohibited from being deposited into the fund under R.S. 39:94(C)(5), shall be
23 distributed as follows:
24	(1)  Thirty percent shall be appropriated to the Louisiana State Employees'
25 Retirement System and the Teachers' Retirement System of Louisiana for application
26 to the balance of the unfunded accrued liability of such systems existing as of June
27 30, 1988, in proportion to the balance of such unfunded accrued liability of each such
28 system, until such unfunded accrued liability has been eliminated.  Any such
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1 payments to the public retirement systems shall not be used, directly or indirectly,
2 to fund cost-of-living increases for such systems.
3	(2)  The remainder shall be deposited into the Revenue Stabilization Trust
4 Fund.
5	D.  For purposes of this Section, "mineral revenues" shall include severance
6 taxes, royalty payments, bonus payments, or rentals, with the following exceptions:
7	(1)  Revenues designated as nonrecurring, pursuant to Article VII, Section
8 10(B) of the Constitution of Louisiana.
9	(2)  Revenues received by the state as a result of grants or donations when the
10 terms or conditions thereof require otherwise.
11	(3)  Revenues derived from any tax on the transportation of minerals.
12	*          *          *
13 §100.161.  Louisiana Unclaimed Property Permanent Trust Fund
14	*          *          *
15	B.  
16	*          *          *
17	(3)  Subject to the limitations provided in this Subsection, the state treasurer
18 may invest the monies deposited in and credited to the UCP Permanent Trust Fund
19 in the same manner as authorized for the Louisiana Education Quality Trust Fund as
20 set forth in R.S. 17:3803. any of the following:
21	(i) Time certificates of deposit of any bank domiciled or having a branch
22 office in the state of Louisiana, savings accounts or shares of savings and loan
23 associations and savings banks, as defined by R.S. 6:703(16) and (17), or share
24 accounts and share certificate accounts of federally or state-chartered credit unions
25 issuing time certificates of deposit, issued for the state treasurer under this authority.
26 For those funds determined under prudent judgment of the state treasurer to be made
27 available for investment in time certificates of deposit, the rate of interest paid by the
28 banks shall be determined by rules and regulations adopted and promulgated by the
29 state treasurer.  Competitive bidding may be used to establish the rate of interest on
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1 fifty percent or less of the amount determined to be available as of that date for
2 investment in time certificates of deposit.  Those financial institutions bidding on
3 time certificates of deposit shall meet the financial criteria established by rules and
4 regulations adopted and promulgated by the state treasurer.  At the time of
5 investment, the interest rate under the provisions of this Subsection shall be a rate not
6 less than the prevailing market interest rate on direct obligations of the United States
7 Treasury with a similar length of maturity.  The funds so invested shall not exceed
8 at any time the amount insured by the Federal Deposit Insurance Corporation (FDIC)
9 in any one bank, savings bank, or savings and loan association and shall not exceed
10 at any time the amount insured by the National Credit Union Administration, or other
11 deposit insurance corporation, in any one credit union, unless the uninsured portion
12 is collateralized by the pledge of securities in the manner provided by R.S. 49:321.
13	(ii)  Direct obligations of the United States government, a United States
14 government agency, a United States government instrumentality, or a United States
15 government-sponsored enterprise, the timely payment of the principal and interest
16 of which is fully and explicitly guaranteed by the full faith and credit of the
17 government of the United States of America, and contained in a list promulgated by
18 the state treasurer.
19	(iii)  Direct obligations of a United States government agency, United States
20 government instrumentality, or United States government-sponsored enterprise, the
21 timely payment of principal and interest of which is fully guaranteed by the issuing
22 entity, but are not explicitly guaranteed by the full faith and credit of the government
23 of the United States, and contained in a list promulgated by the state treasurer.
24	(iv)  Stocks of any corporation listed on the New York Stock Exchange, the
25 American Stock Exchange, the National Association of Securities Dealers
26 Automated Quotations System, or other such stock exchange domiciled in the United
27 States and registered with the United States Securities and Exchange Commission,
28 provided that the total investment in such stocks at any one time shall not exceed
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1 thirty-five percent of the market value of all funds held by the treasurer in the
2 Millennium Trust.
3	(v)(aa)  Investment grade commercial paper issued in the United States,
4 traded in the United States markets, denominated in United States dollars, with a
5 short-term rating of at least A-1 by Standard & Poor's Financial Services LLC or P-1
6 by Moody's Investor Service, Inc., or the equivalent rating by a nationally recognized
7 statistical rating organization.
8	(bb)  Investment grade corporate notes and bonds issued in the United States,
9 traded in United States markets, denominated in United States dollars, rated BAA or
10 better by Moody's Investor Service, Inc., or BBB or better by Standard & Poor's
11 Financial Services LLC, and the trades of which are settled through The Depository
12 Trust & Clearing Corporation, a national clearinghouse in the United States for the
13 settlement of securities trades.
14	(vi)  Money market funds consisting solely of securities otherwise eligible
15 for investment by the treasurer pursuant to this Section.
16	(vii)  Open-end mutual funds, closed-end mutual funds, and unit investment
17 trusts consisting solely of securities otherwise eligible for investment by the state
18 treasurer.
19	(viii)  Tax exempt bonds and other taxable governmental bonds. In addition
20 to all other investment authority related to the Millennium Trust, the state treasurer
21 may invest in tax exempt bonds as defined in R.S. 49:342(C), and in taxable bonds
22 issued by any state or a political subdivision or public corporation of any state,
23 provided that such taxable bonds are rated at the time the investment is made by a
24 nationally recognized rating agency in one of the three highest rating categories of
25 that rating agency.
26	(ix)  Bonds, debentures, notes, or other similar obligations issued in the
27 United States market, denominated in United States dollars and are the direct legal
28 obligations of a foreign nation which the International Monetary Fund lists as an
29 industrial country, for which investments in and/or business transactions with are not
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1 prohibited or restricted by any law, regulation, or rule of the United States or the
2 state of Louisiana, and for which the full faith and credit of such nation has been
3 pledged for the payment of principal and interest; provided that any such security
4 shall be rated at least A- or better by Standard & Poor's Corporation or A3 or better
5 by Moody's, Inc., or an equivalent investment grade by a securities ratings
6 organization accepted by the National Association of Insurance Commissioners; and,
7 provided further that the total investment in such foreign securities at any one time
8 shall not exceed five percent of the market value of all investments held by the
9 treasurer in the Millennium Trust, or any other fund or investment of funds subject
10 to this investment authority.
11	(x)  Any investment managers hired on a contract basis to advise the treasurer
12 regarding such investments shall be selected by the treasurer, subject to the approval
13 of the State Bond Commission, in accordance with a request for proposal process
14 using strict selection criteria based on sound industry principles.  The contract, as
15 approved by the State Bond Commission, shall be on a fee, together with minimum
16 exchange fee, basis or on a commission basis only.  The state treasurer shall adopt
17 and promulgate rules and regulations for such investments and for the selection of
18 outside investment managers.
19	(xi)  Open-end mutual funds, closed-end mutual funds, exchange-traded
20 funds, and unit investment trusts consisting solely of international securities
21 constructed to match or track the components of a market index provided by globally
22 recognized index providers, including but not limited to MSCI, FTSE, Dow Jones,
23 Standard & Poor's, Barclays, Citigroup, or any of their affiliates or successors and
24 assigns;  however, the total investment in any and all such index funds at any one
25 time shall not exceed ten percent of the market value of all funds held by the
26 treasurer in the Millennium Trust.  Nothing in this Item shall be construed to allow
27 the state treasurer to invest directly in the common stock of foreign companies
28 known to do business with nations that support terrorism.
29	*          *          *
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1 Section 4. R.S. 39:100.112 is hereby amended and reenacted to read as follows:
2 §100.112.  Revenue Stabilization Trust Fund
3	A.  There is hereby established in the state treasury a special trust fund, the
4 Revenue Stabilization Trust Fund, hereinafter referred to as the "fund".
5	B.  After allocation of money to the Bond Redemption and Security Fund as
6 provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer
7 shall deposit in and credit to the fund the revenues as provided for in Subsections C
8 and D of this Section. Monies in the fund shall be used only for the following
9 purposes:
10	(1) In accordance with Article VII, Section 35 of the Constitution of
11 Louisiana and R.S. 47:1703(B), a one-time payment shall be made to each parish that
12 elects to irrevocably exempt business inventory from ad valorem tax prior to July 1,
13 2026. The payment shall be made by the treasurer to the ad valorem tax collector
14 within thirty days of receipt of a certification from the secretary of the Department
15 of Revenue that the parish has irrevocably elected to exempt business inventory from
16 ad valorem tax.
17	(2) In any fiscal year in which the revenues received from corporation income
18 and franchise tax collections, as recognized by the Revenue Estimating Conference,
19 fall below eight hundred million dollars, the legislature may appropriate an amount
20 not to exceed the difference between actual corporation income and franchise tax
21 collections and eight hundred million from the Revenue Stabilization Fund.
22	C.  The treasurer shall deposit into the fund the amount of mineral revenues
23 as provided in R.S. 39:100.116 Unexpended and unencumbered monies in the fund
24 at the end of the fiscal year shall remain in the fund.
25	D.  The treasurer shall deposit into the fund the amount of revenues in excess
26 of six hundred million dollars received each fiscal year from corporate franchise and
27 income taxes as recognized by the Revenue Estimating Conference.
28	E.(1)  Except as provided for in Subsection F of this Section, monies
29 deposited into the Revenue Stabilization Trust Fund shall be permanently credited
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1 to the trust fund and shall be invested by the treasurer in the same manner as
2 investments of the Millennium Trust, as provided in R.S. 39:98.2.
3	(2)  The treasurer shall deposit all interest or other income from investment
4 on the fund into the state general fund.
5	F.(1)  Except as provided in Paragraphs (2) and (3) of this Subsection, no
6 appropriations shall be made from the Revenue Stabilization Trust Fund.
7	(2)(a)  In any fiscal year in which the balance of the fund at the beginning of
8 the year is in excess of five billion dollars, hereinafter referred to as the minimum
9 fund balance, the legislature may appropriate an amount not to exceed ten percent
10 of the fund balance, hereinafter referred to as the allowable percentage, for the
11 following:
12	(i)  Capital outlay projects in the comprehensive state capital budget.
13	(ii)  Transportation infrastructure.
14	(b)  The minimum fund balance or the allowable percentage may be changed
15 by a law enacted by two-thirds of the elected members of each house of the
16 legislature.
17	(c)  Notwithstanding any provision of this Paragraph to the contrary, for
18 Fiscal Year 2024-2025, the minimum fund balance shall equal two billion two
19 hundred million dollars, and the allowable percentage shall equal thirty-three
20 percent.
21	(3)  In order to ensure the money in the fund is available for appropriation in
22 an emergency, the legislature may authorize an appropriation from the fund at any
23 time for any purpose pursuant to a concurrent resolution adopted by a favorable vote
24 of two-thirds of the elected members of each house of the legislature.  If the
25 legislature is not in session, the two-thirds consent requirement shall be obtained as
26 provided in R.S. 39:87.
27	*          *          *
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1 Section 5. R.S. 49:214.5.4(B) through (D), (E)(1), (F), (G)(introductory paragraph),
2(H), (I)(1), and (J) are hereby amended and reenacted to read as follows: 
3 §214.5.4.  Funding and resource allocation
4	*          *          *
5	B.  Of all mineral revenues received in each fiscal year by the state including
6 those received as a result of the production of or exploration for minerals, hereinafter
7 referred to as mineral revenues from severance taxes, royalty payments, bonus
8 payments, or rentals, and excluding federal revenues received as provided in
9 Subsection E of this Section and such revenues received by the state as a result of
10 grants or donations when the terms or conditions thereof require otherwise, the
11 treasurer shall make the following allocations:
12	(1)  To the Bond Security and Redemption Fund as provided in Article VII,
13 Section 9(B) 13(B) of the Constitution of Louisiana.
14	(2)  To the political subdivisions of the state as provided in Article VII,
15 Sections 4(D) and (E) 8(B) and (C) of the Constitution of Louisiana.
16	(3)  As provided by the requirements of Article VII, Sections 10-A and 10.1
17 of the Constitution of Louisiana R.S. 56:10.
18	C. After making the allocations provided for in Subsection B of this Section,
19 the treasurer shall then deposit in and credit to the Coastal Protection and Restoration
20 Fund any an amount of mineral revenues that may be necessary to ensure that a total
21 of  equal to twenty-five million dollars, which shall be adjusted by an amount equal
22 to the percentage increase in the Consumer Price Index United States city average
23 for all urban consumers (CPI-U), as reported by the United States Department of
24 Labor, Bureau of Labor Statistics, or its successor, for the previous calendar year is
25 deposited into such fund for the fiscal year from this source; provided that the
26 balance of the fund which consists of mineral revenues from severance taxes, royalty
27 payments, bonus payments, or rentals shall not exceed the amount provided in
28 Subsection F E of this Section.
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1	D.  After making the allocations and deposits as provided for in Subsections
2 B and C of this Section, the treasurer shall deposit in and credit to the fund as
3 follows:
4	(1)  Two percent of the mineral revenues received in excess of the allocations
5 provided for in Subsections B and C of this Section.  The treasurer shall reduce the
6 deposit made pursuant to this Paragraph by the amount of deposits made pursuant
7 to Paragraphs (2) and (3) of this Subsection.
8	(2)  Ten million dollars of the mineral revenues in excess of six hundred
9 million dollars which remain after the allocations provided for in Subsection B of
10 this Section are made by the treasurer.
11	(3)  Ten million dollars of the mineral revenues in excess of six hundred fifty
12 million dollars which remain after the allocations provided in Subsection B of this
13 Section are made by the treasurer.
14	E.(1)  Subject to Article VII, Sections 9(B) and 10.1 Section 13(B) of the
15 Constitution of Louisiana, in each fiscal year, the federal revenues that are received
16 by the state generated from Outer Continental Shelf energy production, including but
17 not limited to oil and gas activity, wind energy, solar energy, tidal energy, wave
18 energy, geothermal energy, and other alternative or renewable energy production or
19 sources, and eligible, as provided by federal law, to be used for the purposes
20 provided in this Subsection shall be deposited and credited by the treasurer to the
21 Coastal Protection and Restoration Fund.
22	*          *          *
23	F. E. The money in the fund shall be invested as provided by law and any
24 earnings realized on investment of money in the fund shall be deposited in and
25 credited to the fund.  Revenues derived from integrated coastal protection programs,
26 projects, or activities shall be deposited in and credited to the fund.  Money from
27 other sources, such as donations, appropriations, or dedications, may be deposited
28 in and credited to the fund; however, the balance of the fund which, exclusive of
29 federal revenues received as provided for in Subsection E D of this Section and state
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1 revenues as provided in Subsection K J of this Section, consists of mineral revenues
2 from severance taxes, royalty payments, bonus payments, or rentals shall not exceed
3 five hundred million dollars.  Any unexpended money remaining in the fund at the
4 end of the fiscal year shall be retained in the fund.
5	G. F.  The money in the Coastal Protection and Restoration Fund is subject
6 to appropriations by the legislature for the purposes of integrated coastal protection. 
7 The money in the fund may be used only for those projects and programs which are
8 consistent with the statement of intent, R.S. 49:214.1, and the annual plan as it
9 pertains to the integrated coastal protection and may include but not be limited to the
10 following purposes:
11	*          *          *
12	H. G.  As used in this Section, the term "balance of the fund" shall mean
13 those monies in the fund which have not been expended or obligated under the plan
14 approved pursuant to R.S. 49:214.5.3, or otherwise obligated in accordance with law.
15	I. H.(1)  Any monies received by the state for violations pursuant to section
16 311 of the Federal Water Pollution Control Act, 33 U.S.C. 1321; R.S. 30:2025(E)(1)
17 and (2); and R.S. 30:2001 et seq., including R.S. 30:2071 et seq., associated with the
18 Deepwater Horizon oil spill that began on April 20, 2010, shall be deposited and
19 credited by the treasurer to the Coastal Protection and Restoration Fund for
20 integrated coastal protection efforts, including coastal restoration, hurricane
21 protection, and improving the resiliency of the Louisiana Coastal Area affected by
22 the Deepwater Horizon oil spill.
23	*          *          *
24	J. I. The authority is authorized to create one or more construction or project
25 funds within the Coastal Protection and Restoration Fund, into which may be
26 deposited the proceeds of any bonds or other debt obligations of the authority.  Such
27 construction or project funds may be maintained by the authority or any fiduciary
28 appointed in connection with the authority only for the purpose or purposes for
29 which such bonds or other debt obligations are issued.  Funds held in any such
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1 construction or project fund shall not be subject to the other requirements of this
2 Section.
3	K. J.(1)  Subject to Article VII, Sections 9(B) and 10.1 Section 13(B) of the
4 Constitution of Louisiana, in each fiscal year, the revenues that are received by the
5 state generated upon state lands or waterbottoms located in the coastal area from
6 alternative or renewable energy production or sources, including but not limited to
7 wind energy, solar energy, tidal energy, wave energy, and geothermal energy, shall
8 be deposited and credited by the treasurer to the Coastal Protection and Restoration
9 Fund.
10	*          *          *
11 Section 6. R.S. 56:639.8(C) and (E)(1) are hereby amended and reenacted and R.S.
1256:10(B)(1)(d) and (E) and 639.8(H) are hereby enacted to read as follows:
13 §639.8.  Department of Wildlife and Fisheries; Artificial Reef Development Fund
14	*          *          *
15	C.  There is hereby established a fund in the state treasury to be known as the
16 Artificial Reef Development Fund, hereinafter referred to as the "Reef Fund" or
17 "fund", into which the state treasurer shall each fiscal year, and beginning with the
18 1986-1987 Fiscal Year, deposit the funds received as provided in Subsections A and
19 B of this Section, after those revenues have been deposited in the Bond Security and
20 Redemption Fund.  Out of the funds remaining in the Bond Security and Redemption
21 Fund after a sufficient amount is allocated from that fund to pay all obligations
22 secured by the full faith and credit of the state that become due and payable within
23 each fiscal year, the treasurer, prior to placing such funds in the state general fund,
24 shall pay into the Reef Fund an amount equal to the funds deposited by the
25 department into the treasury as provided in Subsection B of this Section.  The monies
26 in the Reef Fund shall be used solely as provided by Subsection E herein of this
27 Section and only in the amounts appropriated by the legislature.  All unexpended and
28 unencumbered monies in the Reef Fund at the end of the fiscal year shall remain in
29 the fund.  The monies in the fund shall be invested by the state treasurer in the same
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1 manner as monies in the state general fund, and interest earned on the investment of
2 these monies shall be credited to the fund, again, following compliance with the
3 requirement of Article VII, Section 9(B) 13(B) of the Constitution of Louisiana,
4 relative to the Bond Security and Redemption Fund.
5	*          *          *
6	E.(1)  Monies may be withdrawn directly from the Reef Fund for the
7 operation of the program as described in R.S. 56:639.5, including evaluation of the
8 program and administrative and field support for the siting, designing, constructing,
9 permitting, establishing, monitoring, and maintenance of artificial reefs established
10 pursuant to this Subpart until such time that the council determines that the annual
11 interest earnings from the fund are sufficient to run the program.
12	*          *          *
13	H.  The state treasurer shall prepare and submit to the department on a
14 quarterly basis a written report showing the amount of money contained in the fund
15 from all sources.
16	*          *          *
17 Section 7. R.S. 17:3801(B), (C)(4), and (F), R.S. 30:86(C), and R.S. 39:98.3(E),
18100.116(A)(4), (9), (11), (13), (C), and (D), and R.S. 49:214.5.4(K) are hereby repealed in
19their entirety.
20 Section 8. R.S. 56:639.8(E)(3) is hereby repealed in its entirety.
21 Section 9. R.S. 17:3801 through 3805 and R.S. 39:98.3(C) are hereby repealed in
22their entirety.
23 Section 10.  R.S. 39:100.112 is hereby repealed in its entirety.  The state treasurer is
24hereby authorized and directed to transfer any remaining balance in the Revenue
25Stabilization Fund to the state general fund.  Monies transferred pursuant to this Section
26shall be recognized by the Revenue Estimating Conference as nonrecurring revenues.
27 Section 11. R.S. 39:97 is hereby repealed in its entirety.  The state treasurer is hereby
28authorized and directed to transfer any remaining balance in the Mineral Revenue Audit and
29Settlement Fund to the state general fund. 
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1 Section 12.  The Louisiana State Law Institute is hereby authorized and directed to
2review all statutes which contain citations being changed by this Act and the Act that
3originated as House Bill No. 7 of the 2024 Third Extraordinary Session of the Legislature
4and in all statutory locations it deems appropriate change such references.  
5 Section 13.  Because of the broad impact of this Act and the Act that originated as
6House Bill No. 7 of the 2024 Third Extraordinary Session of the Legislature,  the Louisiana
7State Law Institute is authorized and directed to study and make such recommendations as
8it deems necessary to revise statutory language to comply with changes that will be made
9by such Acts, if the Acts become effective.  The Law Institute is directed to report its
10recommendations to the legislature on or before February 15, 2025.
11 Section 14.  Upon the effective date of this Act, the state treasurer is hereby
12authorized and directed to transfer from the Revenue Stabilization Fund, into the Budget
13Stabilization Fund, an amount sufficient to bring the balance of the Budget Stabilization
14Fund equal to seven and one-half percent of the total state revenue receipts for the prior
15fiscal year.
16 Section 15. Section 10 of this Act shall become effective January 1, 2027.  
17 Section 16. Section 9 of this Act shall become effective June 30, 2025.
18 Section 17.  The provisions of this Section and Section 4 of this Act shall take effect
19and become operative on July 1, 2025, if and when the proposed amendment of Article VII
20of the Constitution of Louisiana contained in the Act which originated as House Bill No. 7
21of this 2024 Third Extraordinary Session of the Legislature is adopted at a statewide election
22and becomes effective.
23 Section 18.(A) The provisions of this Section and Sections 1 through 3, 5 through 7,
2411, 12, and 14 through 16 shall take effect and become operative if and when the proposed
25amendment of Article VII of the Constitution of Louisiana contained in the Act which
26originated as House Bill No. 7 of this 2024 Third Extraordinary Session of the Legislature
27is adopted at a statewide election and becomes effective.
28 (B)  The provisions of Sections 8 and 13 of this Act shall become effective upon
29signature by the governor or, if not signed by the governor, upon expiration of the time for
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1bills to become law without signature by the governor, as provided by Article III, Section
218 of the Constitution of Louisiana.  If vetoed by the governor and subsequently approved
3by the legislature, 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 Reengrossed 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.
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.
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HB NO. 12
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.
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
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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.
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
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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.
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
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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. Provides for the treasurer to deposit $25 M of
mineral revenues into the fund. Repeals provisions in present law related to caps on deposits
of mineral revenues into the fund. 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.
Proposed law repeals the provision in present law authorizing 10% of funds deposited into
the Artificial Reef Development Fund and 10% of the interest earned to provide funding for
inshore fisheries habitat enhancement projects.
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
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.
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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)-(D) and (E)(1), (F),(G)(intro. para.), (H), (I)(1), and (J),
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. 17:3801-3805, R.S. 30:86(C), and R.S. 39:97, 98.3(C) and (E),
100.112, 100.116(A)(4), (9), (11), and (13), (C), and (D), R.S. 49:214.5.4(K), and R.S.
56:639.8(E)(3))
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.
The House Floor Amendments to the engrossed bill:
1. Change the language regarding investments in time certificates of deposit to
conform with present law.
2. Repeal the provision in present law authorizing 10% of funds deposited into the
Artificial Reef Development Fund and 10% of the interest earned to provide
funding for inshore fisheries habitat enhancement projects.
3. Provide for the treasurer to deposit $25 M of mineral revenues to the Coastal
Protection and Restoration Fund. Repeals provisions related to caps on deposits
of mineral revenues into the fund. 
4. Make technical changes.
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