Senate Bill No. 142, introduced by Senator Reese, amends R.S. 17:3351(A)(2) to require postsecondary education management boards in Louisiana to continue complying with the conditions associated with funds received from the Board of Regents Support Fund. The bill emphasizes the importance of adhering to the initial conditions under which nonstate contributions were matched with public funds, ensuring that the integrity of the endowment programs is maintained.

The new legal language specifies that in the expenditure, investment, and use of funds from the Board of Regents Support Fund, management boards must ensure compliance with the matching program's alignment and the inviolability of the original corpus of funds. This legislation aims to reinforce the accountability of public postsecondary education institutions in managing these funds, thereby safeguarding the public character of the Louisiana Education Quality Trust Fund. The bill will take effect upon the governor's signature or after the designated time for gubernatorial action.

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