Monies are to be invested in direct obligations of the U.S. government and in time certificates of deposit of state banks and national banks having their principal office in Louisiana. This legislation further requires beginning January 1st of each year that the school board, on its own warrant, may withdraw from the fund an amount not to exceed the accrued earnings from the previous year. The school board shall use earnings from the fund only for enhancements to the education program in Calcasieu Parish. Earnings may not be used for administrative, custodial, maintenance, or capital expenses. Unexpended and unencumbered monies in the fund at the end of each fiscal year shall remain in the fund and the principal in the fund may not be appropriated.
Audits are to be conducted by the legislative auditor.
Provided that failure to do so may result in revocation or suspension of the license or permit, a finding of unsuitability, or other sanctions. Proposed law was not to be construed to affect present law provisions governing institutional investors. However, if no legislation would have been enacted prior to the time frame provided by the amendments then the additional fee would have ceased to be collected. The amendments adopted by the Senate also provided that any law authorizing dockside gaming shall not cause, permit, or authorize any exclusivity or other breach of the casino operating contract. The bill became effective June 27, 2000.