This bill amends several sections of Louisiana law concerning state finances, particularly the management of treasury funds. It establishes new funds, including the "Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund," the "Louisiana Quality Education Support Fund," the "Oilfield Site Restoration Fund," and the "Oil Spill Contingency Fund," which will receive allocations from federal revenues related to mineral production. The bill also modifies the procedures for appropriating funds from the Louisiana Quality Education Support Fund, ensuring itemized allocations, and updates the Budget Stabilization Fund's structure. Additionally, it repeals outdated laws to streamline fund management and emphasizes the importance of these funds for educational and environmental initiatives.

Furthermore, the bill introduces significant changes to the Millennium Trust, including the deletion of previous revenue allocation stipulations and the establishment of a clearer framework for fund deposits and investments. It increases the cap on the fund balance from four percent to seven and one-half percent of total state revenue receipts from the previous fiscal year and mandates that unexpended funds remain in the trust. The bill also expands the investment authority of the state treasurer, allowing investments in a broader range of financial instruments, and modifies the allocation of mineral revenues to support local tax recipient bodies. Overall, the legislation aims to enhance financial management and ensure effective utilization of state resources for public benefit.

Statutes affected:
HB12 Original: 30:86(A)(1), 39:94(A), 39:3(A), 39:4(A), 39:161(B)(3), 49:4(B), 56:10(A), 56:8(C), 30:86(C), 39:3(E), 56:10(B)(1)
HB12 Engrossed: 17:3801(A), 17:3802(A)(1), 30:86(A)(1), 30:2483(B), 39:94(A), 39:3(A), 39:4(A), 39:161(B)(3), 49:4(B), 56:8(C), 17:3801(B), 30:86(C), 39:3(E), 39:116(A)(4), 39:3(C)
HB12 Reengrossed: 17:3801(A), 17:3802(A)(1), 30:86(A)(1), 30:2483(B), 39:94(A), 39:2(A), 39:3(A), 39:4(A), 39:116(A), 39:161(B)(3), 49:4(B), 56:8(C), 17:3801(B), 30:86(C), 39:3(E), 39:116(A)(4), 49:4(K), 56:8(E)(3), 39:3(C)
HB12 Enrolled: 17:3801(A), 17:3802(A)(1), 30:86(A)(1), 30:2483(B), 39:94(A), 39:2(A), 39:3(A), 39:4(A), 39:116(A), 39:161(B)(3), 48:77(A), 49:4(B), 56:8(C), 17:3801(B), 30:86(C), 39:3(E), 39:116(A)(4), 49:4(K), 56:8(E)(3), 39:3(C)
HB12 Act 13: 17:3801(A), 17:3802(A)(1), 30:86(A)(1), 30:2483(B), 39:94(A), 39:2(A), 39:3(A), 39:4(A), 39:116(A), 39:161(B)(3), 48:77(A), 49:4(B), 56:8(C), 17:3801(B), 30:86(C), 39:3(E), 39:116(A)(4), 49:4(K), 56:8(E)(3), 39:3(C)