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," which will receive allocations from federal revenues related to mineral production and leasing. Additionally, the bill establishes the Louisiana Quality Education Support Fund, funded by earnings from the Permanent Trust Fund for educational purposes. It also introduces the Oilfield Site Restoration Fund and the Oil Spill Contingency Fund, aimed at managing funds for oilfield restoration and oil spill response, respectively. The legislation includes provisions for fund investment and mandates reporting requirements for the state treasurer, streamlining the management of state treasury funds while ensuring allocations for educational and environmental initiatives.

Moreover, the bill proposes significant changes to the management of the Millennium Trust, increasing the percentage of funds allocated to the TOPS Fund from one-third to one-half of the Master Settlement Agreement proceeds. It allows for a portion of the Millennium Trust to be invested in stocks, with a cap of thirty-five percent, which can be increased to fifty percent with legislative approval. The bill also modifies existing provisions regarding mineral revenue deposits and updates legal references to align with the current constitution. It introduces amendments related to investment practices, including allowing investments in taxable bonds and foreign securities, and establishes new funds such as the Education Excellence Fund and Local Revenue Fund. Overall, the bill aims to enhance financial management and ensure adequate support for educational and health initiatives while improving accountability and compliance with legal standards.

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)