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 579 Original 2025 Regular Session Emerson
Abstract Provides for the transfer, deposit, and use of monies among state funds
Louisiana Education Quality Trust Fund (LEQTF)
and the Louisiana Quality Education Support Fund (Support Fund)
Present law provides for allocations to the LEQTF and the Support Fund and appropriations from
these funds.
Proposed law repeals provisions related to the allocations made to the LEQTF and the Support Fund.
Retains provisions related to appropriations from the funds. Proposed law repeals all provisions
related to both funds effective July 1, 2027.
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 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 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 July 1, 2027.
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.
Present law directs the treasurer to invest monies in the trust in the same manner as investments for
the LEQTF. Proposed law adds the types of investments allowable for monies in the LEQTF and allows for
contractors selected by the treasurer and approved by the bond commission to manage fund assets.
Effectiveness
Repealed provisions of law 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. __ of the 2025 Regular
Session of the Legislature is adopted at a statewide election and becomes effective.
(Amends R.S. 17:3801(A) and (C), 3802(A)(1), R.S. 39:98.1, 98.2(A) and (E), 98.3(A) and
(C)(introductory paragraph), and 100.161(B)(3); Repeals R.S. 17:3801 - 3805 and R.S. 39:98.3(C)
and (E))