House Bill No. by Representative Emerson proposes significant amendments to Louisiana law regarding the management and allocation of state treasury funds, particularly focusing on the Louisiana Education Quality Trust Fund (LEQTF) and the Millennium Trust. The bill introduces the Louisiana Quality Education Support Fund, which will receive a portion of the earnings from the Permanent Trust Fund, while also establishing clearer guidelines for fund appropriation for educational purposes. Key deletions from existing law include the removal of specific allocation percentages and conditions related to fund distribution, which aims to streamline the transfer and use of funds within these trusts.

Additionally, the bill modifies the structure of the Millennium Trust by establishing the Health Excellence Fund and the TOPS Fund, which will receive a larger share of the Settlement Agreement proceeds. It allows for broader investment strategies, enabling the state treasurer to invest in a wider range of financial instruments, including stocks and mutual funds, contingent upon legislative approval. The bill also updates the appropriations process for the Millennium Trust, ensuring accountability through revised reporting requirements and the establishment of criteria for determining available funds for appropriation. Overall, the proposed changes seek to enhance the effectiveness of educational funding in Louisiana while ensuring a diversified investment strategy and proper oversight.

Statutes affected:
HB579 Original: 17:3801(A), 17:3802(A)(1), 39:2(A), 39:3(A), 39:161(B)(3), 17:3801(B), 39:3(E), 39:3(C)