RS 39:100.50

233 words·~1 min read·/la/title-39/39-1290

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RS 39:100.50

§100.50. 2021 Budget Reconciliation Fund

A. There is hereby created and established in the state treasury, as a special fund, the 2021 Budget Reconciliation Fund, hereinafter the "fund". After allocation of money to the Bond Security and Redemption Fund as provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall deposit in and credit to the fund any monies reported by the commissioner of administration as being achieved as a result of the reductions to agency's budgets in Section 23 of Act No. 1 of the 2020 First Extraordinary Session of the Legislature.

B. The monies in the fund shall be invested in the same manner as monies in the state general fund. Interest earned on the investment of monies in the fund shall be deposited in and credited to the fund.

C. Monies in the fund may be utilized to restore agency budgets in the event economic conditions warrant such action and are approved either by the legislature, if in session on or before October 15, 2020, or the Joint Legislative Committee on the Budget, if the legislature is not in session on or before October 15, 2020.

Acts 2020 1 st Ex. Sess., No. 10, §7, eff. July 1, 2020.

NOTE: Provisions in HB 1 of the 2020 1 st Ex. Sess. that would have generated monies for this fund were vetoed by the governor.