Senate Bill No. 142, introduced by Senator Reese, amends R.S. 17:3351(A)(2) to reinforce the compliance requirements for postsecondary education management boards regarding funds received from the Board of Regents Support Fund. The bill mandates that these boards ensure continued adherence to the initial conditions associated with the receipt of such funds, specifically focusing on the endowment programs where nonstate contributions are matched with public funds. This includes maintaining the integrity of the original corpus of these funds, which are derived from the Louisiana Education Quality Trust Fund.

The proposed legislation retains the existing authority of postsecondary system management boards to seek and accept financial assistance for educational purposes while adding the stipulation that they must comply with the established rules and regulations governing the use of funds from the Board of Regents Support Fund. The bill is set to take effect upon the governor's signature or after the expiration of the time for bills to become law without the governor's signature.

Statutes affected:
SB142 Original: 17:3351(A)(2)