House Bill No. by Representative Emerson seeks to amend various sections of Louisiana law related to state finances, particularly focusing on the management of treasury funds and state revenues. The bill introduces special funds, including the Oilfield Site Restoration Fund and the Oil Spill Contingency Fund, which will be allocated specific revenues for oilfield restoration and spill response. It also modifies the Budget Stabilization Fund by adjusting the percentage of state revenue receipts that can be deposited and clarifying appropriation conditions. Additionally, the bill establishes the Millennium Trust as a special permanent trust fund, detailing the allocation of proceeds from the Master Settlement Agreement to various funds, including the Health Excellence Fund and the TOPS Fund.

Moreover, the bill proposes significant changes to the TOPS Fund, including how funds are credited and the introduction of new investment guidelines for the Louisiana Unclaimed Property Permanent Trust Fund. It mandates annual reporting by the state treasurer on investment activities and establishes a special Revenue Stabilization Fund for specific purposes. The bill also repeals outdated provisions and modifies existing laws regarding appropriations for independent public schools, ensuring a clearer framework for fund distribution based on student population. Overall, the bill aims to enhance financial accountability, streamline funding processes for education, and improve the management of state financial resources.

Statutes affected:
HB15 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)