This bill amends several sections of Louisiana law concerning state finances, particularly focusing on the establishment and management of various treasury funds. It creates the "Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund," known as the "Permanent Trust Fund," and the "Louisiana Quality Education Support Fund," which will be allocated for educational purposes. The bill also introduces the "Oilfield Site Restoration Fund" and the "Oil Spill Contingency Fund," detailing their funding sources and intended uses, particularly for addressing unauthorized oil discharges. Additionally, it streamlines existing provisions and repeals those that are no longer applicable, enhancing the financial framework for education and environmental protection in the state.

Moreover, the bill proposes significant changes to the management of the Millennium Trust, increasing the allocation percentage to the TOPS Fund and modifying investment options to include taxable bonds and foreign securities, with specific limits. It establishes an Education Excellence Fund and a Local Revenue Fund, while also adjusting the allocation of mineral revenues to support coastal protection efforts. The bill mandates that unexpended funds remain in the Revenue Stabilization Fund and outlines specific uses for these funds. Overall, the legislation aims to improve the management and accountability of state funds, ensuring compliance with legal standards and enhancing support for educational and environmental initiatives in Louisiana.

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)