Monies are to be invested in direct obligations of the U.S. government and in time certificate of deposit of state banks and national banks having their principal office in Louisiana. Further requires beginning January 1st of each year that the school board, on its own warrant, may withdraw an amount not to exceed the accrued earnings from the previous year. The school board shall use such earnings only for enhancement 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 remain in the fund and the principal in the fund may not be appropriated.
Audits are to be conducted by the legislative auditor.
Authorized the board to require any person or entity who is required to be licensed or permitted under present law regulating gaming, including persons or entities, who in its opinion has the ability to exercise influence or control over a licensee or permittee, to be found suitable. Authorized the board to require any person or entity that is required by the public interest to be found suitable to apply for a finding of suitability. Required all licensees, permittees, persons, or entities required to be qualified and suitable to have a continuing duty to meet the suitability and qualification requirements. 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.