reglab/statecodes huggingface dataset:
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:81. State and statewide retirement systems; operating budgets

RS 39:81 - State and statewide retirement systems; operating budgets
A. Notwithstanding the provisions of any other law to the contrary, the state budgetary process, and in particular, the provisions of this Part, are not applicable with respect to the operating budgets of state or statewide retirement systems, which shall be subject to budgetary oversight by the legislature as provided in R.S. 11:176 and this Section.
B. The state retirement systems shall submit detailed operating budgets for review and approval each fiscal year to the Joint Legislative Committee on the Budget at the same time as that required for submission of state agency budgets as provided in R.S. 39:33. The statewide retirement systems shall submit detailed operating budgets for review each fiscal year to the Joint Legislative Committee on the Budget at least thirty days before the convening of the regular legislative session for all systems with a fiscal year ending June thirtieth and one hundred twenty days before the beginning of the system's fiscal year for all others. The budgets shall include, at a minimum, the actual expenditures for the prior year and projected expenditures for the current and ensuing fiscal years, the information specified in R.S. 39:32(C) and (E), and any other information specified by the Joint Legislative Committee on the Budget.
Acts 1989, No. 836, §1, eff. July 1, 1989; Acts 1993, No. 973, §1, eff. Jan. 1, 1994; Acts 2004, No. 275, §1, eff. June 15, 2004.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:82.1. Reporting on special funds

RS 39:82.1 - Reporting on special funds
A. Each year at the August meeting of the Joint Legislative Committee on the Budget, the state treasurer shall submit information regarding the status of fund transfers authorized to eliminate budget deficits for the prior fiscal year, specifically those transfers which reduced constitutionally protected funds or dedications which were approved by the Joint Legislative Committee on the Budget to eliminate budget deficits. The information shall include the date and amount of the transfer, the balance of the fund immediately prior to the transfer and the balance of the fund at year end.
B. The Joint Legislative Committee on the Budget may make such studies and hold such hearings as it shall deem appropriate and necessary to review special funds and dedications of money in the state treasury including the means of financing, specifically those funds whose primary source of funding is the state general fund, the purpose and use of the monies, and the status and balances of the special funds and dedicated monies.
Acts 2016, No. 576, §1, eff. June 17, 2016.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:83. Automated personnel and position information system

RS 39:83 - Automated personnel and position information system
An automated information system shall be jointly developed and maintained by the Department of State Civil Service and the division of administration. The data maintained within this automated system shall be the official personnel and position records of the state. The division of administration shall provide constant and immediate access to the file to the budget office of the division of administration, the Department of State Civil Service, and the legislative fiscal office.
Acts 1989, No. 836, §1, eff. July 1, 1989.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:84.2. Repealed by Acts 1989, No. 662, §8, eff. July 7, 1989 and Acts 1989, No. 836, §4, eff. July 1, 1989.

RS 39:84.2 - Repealed by Acts 1989, No. 662, §8, eff. July 7, 1989 and Acts 1989, No. 836, §4, eff. July 1, 1989.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:84.3. Repealed by Acts 1989, No. 662, §8, eff. July 7, 1989 and Acts 1989, No. 836, §4, eff. July 1, 1989.

RS 39:84.3 - Repealed by Acts 1989, No. 662, §8, eff. July 7, 1989 and Acts 1989, No. 836, §4, eff. July 1, 1989.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:85. Changes in personnel table

RS 39:85 - Changes in personnel table
A. The division of administration shall promptly update the personnel tables to reflect any action that affects the personnel tables taken during any fiscal year by the legislature, the Joint Legislative Committee on the Budget, the Interim Emergency Board, or the division of administration.
B. After preparation of the personnel tables in accordance with R.S. 39:84, a change in the personnel table for any budget unit, program, or subprogram during a fiscal year shall be made only in accordance with provisions of an appropriation act and of this Part for transfer of funds and for changes in the number of authorized positions. Personnel transactions made pursuant to changes in the personnel table shall be effective only when approved as required in R.S. 39:84(B) and (C).
Acts 1989, No. 836, §1, eff. July 1, 1989.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:86. Central payroll system

RS 39:86 - Central payroll system
A. The division of administration shall develop and implement a central automated payroll system for all budget units or programs. The system shall be designated to issue payroll checks only to employees who occupy positions approved by the Department of State Civil Service and to monitor all transactions which result in the payment of salaries or wages. It shall report on the exception basis transactions for each budget unit or program which are not in conformance with the appropriation acts. The division of administration shall report annually to the legislature on the status of the payroll system until the system is operational.
B. Upon the completion of the central payroll system and after the completion of each pay cycle, the Department of State Civil Service shall prepare a report by department and budget unit detailing the variances by position and incumbent between the actual payroll and the approved personnel table. This report shall be made available on request to the budget office and the legislative fiscal office.
Acts 1989, No. 836, §1, eff. July 1, 1989.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:87.1. Short title; legislative intent

RS 39:87.1 - Short title; legislative intent
A. This Subpart may be cited as the "Louisiana Government Performance and Accountability Act".
B. It is the intent of the legislature that performance-based budgeting practices be established throughout Louisiana state government. The legislature recognizes the value of relating funding to expected performance in order to ensure efficiency and economy in the expenditure of state funds.
Acts 1997, No. 1465, §2, eff. July 15, 1997.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:87.7. Evidence-based budget process

RS 39:87.7 - Evidence-based budget process
A. Legislative staff and any other staff of agencies of the state that may be necessary and applicable shall develop guidelines to incorporate the provisions of this Section to establish a pilot evidence-based budget proposal process for adult mental health programs administered by the Louisiana Department of Health. The guidelines shall be submitted to the Joint Legislative Committee on the Budget on or before July 1, 2018, for review and approval. The proposal shall include guidelines to utilize program catalogues, program inventory, promising practices, and research-based programs. The guidelines shall include a determination of staffing and costs necessary to implement the provisions of Subsection B of this Section. No later than July 1, 2019, when possible, the Louisiana Department of Health shall use the guidelines for evidence-based budgeting to select programs for the delivery of care for adult mental health.
B. Staff identified and approved by the Joint Legislative Committee on the Budget in the guidelines shall work in conjunction with the Louisiana Department of Health to:
(1) Inventory programs.
(2) Categorize all agency programs and activities as evidence-based, research-based, promising practices, or other programs and activities with no evidence of effectiveness, and compile them into an agency program inventory. In categorizing programs, the staffs may consult the Washington State Institute for Public Policy's Evidence-Based Practices Institute's program catalogue, the Results First Clearinghouse Database, or any other comparable catalogue of evidence-based programs.
Acts 2017, No. 387, §1, eff. July 1, 2017.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:88.1. Short title; legislative intent

RS 39:88.1 - Short title; legislative intent
A. This Subpart may be cited as the "Louisiana Collection Policy and Procedure Act".
B. It is the intent of the legislature that a comprehensive collection policy and procedure for collection of obligations due to the state be established for use by all state agencies.
Acts 2001, No. 904, §1, eff. June 26, 2001.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:88.2. Collection policy and procedure

RS 39:88.2 - Collection policy and procedure
A. The commissioner of administration shall prescribe and cause to be implemented a comprehensive collection policy and procedure to be used in all state agencies.
B. The commissioner shall direct the Cash Management Review Board as defined in R.S. 39:371 et seq. to prepare a collection policy and procedure manual establishing the state's accounts receivable collection policies and procedures.
C. The policy and procedures manual shall include rules and regulations to assist state agencies in the identification and collection of delinquent accounts. Such rules and regulations shall enhance each agency's ability to manage the collection process, collection follow-up procedures, and uncollectible accounts. The policy and procedure manual shall also provide a uniform method for reporting accounts receivable balances.
D. The collection policy and procedure manual shall be promulgated in accordance with the Administrative Procedure Act.
Acts 2001, No. 904, §1, eff. June 26, 2001.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:88.3. Collection by sale or securitization; direction to the commissioner

RS 39:88.3 - Collection by sale or securitization; direction to the commissioner
A. The term "collection" as used in this Subpart shall include the sale or securitization of long-term delinquent accounts receivable and all other obligations subject to the provisions of this Subpart.
B. The collection policy and procedure required by R.S. 39:88.2 shall include a policy and procedure for the sale or securitization, in pools, after appraisal or evaluation of the value of each pool, of long-term delinquent accounts receivable and all other obligations subject to this Subpart.
C. Pools of these accounts and obligations, including those made up of the accounts and obligations of various state agencies, shall be approved for sale or securitization by the Cash Management Review Board upon recommendation of the commissioner of administration, the attorney general, or its own decision, and, after such approval, carried out and implemented by the commissioner.
D.(1) During each of calendar years 2013 and 2014, the commissioner of administration is directed to recommend and present to the Cash Management Review Board, for sale or securitization approval, and thereafter implementation, pools of such long-term accounts and obligations of not more than twenty-five percent of the aggregate face dollar amount of such accounts and obligations existing as of the first day of each such year, and shall report the results of such sale or securitization to the Joint Legislative Committee on the Budget prior to the end of each year. However, notwithstanding provisions to the contrary, this Subsection shall no longer be of any effect on December 31, 2014, unless reestablished or replaced by appropriate legislative enactment.
(2) The commissioner of administration is authorized to exclude, at his discretion, any debt that he deems to be uncollectible.
(3) The provisions of this Section shall not apply to any debt owed to the state due to medical treatment rendered at a state-owned hospital.
E. The attorney general is authorized to exclude, at his discretion, any debt that he deems uncollectible pursuant to debt collection activities undertaken by the attorney general.
Acts 2012, No. 500, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:88.4. State agencies; compliance

RS 39:88.4 - State agencies; compliance
Each state agency shall comply with the provisions of the collection policy and procedure manual and is authorized to establish and maintain internal controls not inconsistent with the provisions included in the manual.
Acts 2001, No. 904, §1, eff. June 26, 2001; Acts 2012, No. 500, §2.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:88.5. Cash Management Review Board; oversight

RS 39:88.5 - Cash Management Review Board; oversight
The Cash Management Review Board under the supervision of the commissioner of administration shall oversee the development and implementation of the collection policies and procedures manual in each state agency and is authorized to adopt rules and regulations in furtherance of this responsibility.
Acts 2001, No. 904, §1, eff. June 26, 2001; Acts 2012, No. 500, §2.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:95. Annual determination of Budget Stabilization Fund balance

RS 39:95 - Annual determination of Budget Stabilization Fund balance
A. The state treasurer shall report the balance of the Budget Stabilization Fund as of July first of each fiscal year to the Revenue Estimating Conference at its meeting held in accordance with R.S. 39:26(A)(4).
B. The Revenue Estimating Conference shall certify the Budget Stabilization Fund balance and the determination of one-third of this balance.
C. The Revenue Estimating Conference shall cause the certified fund balance and the determination of one-third of this balance to be published in the Louisiana Register in September of each year.
Acts 1991, No. 439, §1, eff. July 1, 1991; Acts 1997, No. 1149, §1, eff. June 1, 1997.
NOTE: SEE CONST. ART. VII, SEC. 10(C).
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:97.1. Short title

RS 39:97.1 - Short title
This Subpart shall be known and may be cited as the "Louisiana Asbestos Detection and Abatement Act".
Acts 1998, 1st Ex. Sess., No. 140, §1, eff. May 5, 1998.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:97.2. Declaration of purpose

RS 39:97.2 - Declaration of purpose
The purpose of this Subpart is to create a fund to provide a mechanism by which the presence of friable asbestos-containing materials in state buildings in this state can be detected, analyzed, controlled, managed, maintained, and abated, if necessary.
Acts 1998, 1st Ex. Sess., No. 140, §1, eff. May 5, 1998.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:97.4. Legal counsel; attorney general

RS 39:97.4 - Legal counsel; attorney general
A. Notwithstanding any other provision of law to the contrary, the attorney general shall:
(1) Provide assistance in evaluating whether the state has sufficient grounds to initiate or prosecute a civil suit for all recoverable damages and other available remedies against a manufacturer of asbestos-containing materials or any other responsible person caused by asbestos-containing materials that have been installed in any state building at any time.
(2) Initiate and prosecute any civil suit for all recoverable damages and other available remedies as provided in Paragraph (1) of this Subsection.
(3) Pursue any appropriate claims for reimbursement brought by or on behalf of the state or for recovery of any sums due the state under any applicable civil or criminal law in accordance with Paragraph (1) of this Subsection.
B.(1) With the consent of the commissioner of administration and in accordance with the ordinary procedures for procuring professional services as provided in Chapter 17 of Subtitle III of this Title, the attorney general may contract with and employ private contractual legal counsel to initiate and prosecute a civil action against any manufacturer of asbestos-containing materials or any other responsible person to recover monies due or to damages incurred by the state resulting from the presence of asbestos or asbestos-containing materials in state buildings.
(2) Legal services provided and costs incurred under previous contracts related to asbestos litigation are hereby acknowledged, except that attorney fees related to such contracts shall be paid on an hourly basis. The attorney general, the commissioner of administration, and the attorneys providing legal services under contract in connection with asbestos litigation shall endeavor to reach an agreement regarding the amount of attorney fees and costs to be paid to the attorneys who provided such legal services. Such negotiated attorney fees, excluding costs, shall be determined on an hourly basis, and shall be in accordance with fee policies for hourly basis contracts utilized by the attorney general in engagement of outside counsel with special expertise in representation of the state in extraordinary circumstances. The amount of such negotiated attorney fees, costs, and expenses associated with services performed prior to May 1, 1998, shall be paid only through a specific appropriation.
Acts 1998, 1st Ex. Sess., No. 140, §1, eff. May 5, 1998; Acts 2014, No. 864, §§4 and 5; Acts 2014, No. 864, §§4 and 5.
NOTE: SEE ACTS 1998, 1ST EX. SESS., NO. 140, §2, REGARDING ATTORNEY SERVICES PROVIDED PRIOR TO MAY 5, 1998.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:97.5. Construction of Subpart

RS 39:97.5 - Construction of Subpart
Nothing in this Subpart shall or shall be construed to create, extinguish, revive, transfer, or otherwise affect any existing or future claim or cause of action or any objections, exceptions, or defenses thereto.
Acts 1998, 1st Ex. Sess., No. 140, §1, eff. May 5, 1998.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:98.2. Investment of Millennium Trust

RS 39:98.2 - Investment of Millennium Trust
A. The treasurer is authorized and directed to invest monies in the Millennium Trust which are available for investment in the investments permitted for the Louisiana Education Quality Trust Fund, also known as the Kevin P. Reilly Sr. Louisiana Education Quality Trust Fund, as set forth in R.S. 17:3803(B), (D), and (E).
B. Investments made under authority of this Section shall mature on such date determined by the treasurer as will generate a favorable return to the state and will allow the monies to be available for use at the time needed.
C. Banks issuing time certificates of deposit under authority of this Section shall pay interest at a rate not less than the rate determined by the United States Treasury to have been the average interest rate plus one percent per annum on the last previous sale of treasury bills with the same length of maturity; provided that if at any time the interest rate so determined is in excess of the maximum rate banks are permitted to pay on time certificates of deposit for the same period of time by regulations of the Federal Reserve System or the Federal Deposit Insurance Corporation, the interest rate shall be the maximum established by those regulations.
D. The treasurer may enter into direct security repurchase agreements, reverse security repurchase agreements, and securities lending contracts in order to generate passive income. For the purposes of this Subsection:
(1) "Direct security repurchase agreement" means an agreement and transaction in which securities are purchased by the state from a registered securities broker or dealer for a rate and a guarantee to buy them back from the state, the state holds the securities for a specified time, and then the state sells those securities back to the broker or dealer at an agreed upon price.
(2) "Reverse security repurchase agreements" means an agreement and transaction in which securities are sold by the state to a registered securities broker or dealer for a rate and a guarantee to sell them back to the state, the broker or dealer holds the securities for a specified time, and then the state buys back the securities from the broker or dealer at an agreed upon price.
(3) "Securities lending contracts" means an agreement and transaction in which securities are supplied to a registered securities broker or dealer for a rate and secured by a pledge of collateral with a value equal to or greater than the securities supplied.
E. On or before December first of each year, the treasurer shall prepare and submit a report on the performance of the Millennium Trust to the Joint Legislative Committee on the Budget and the commissioner of administration for their review. With respect to the Education Excellence Fund, the report shall also be provided to the state superintendent of education.
Acts 1999, No. 1295, §1, eff. July 1, 2000; Acts 2006, No. 289, §2; Acts 2015, No. 463, §3; Acts 2020 1st Ex. Sess., No. 21, §1, eff. July 1, 2020.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:98.6. Security to be furnished for appeal and other purposes; Master Settlement Agreement

RS 39:98.6 - Security to be furnished for appeal and other purposes; Master Settlement Agreement
In order to secure and protect the monies to be received as a result of the Master Settlement Agreement, in civil litigation under any legal theory involving a signatory, or successor of a signatory, or an affiliate of a signatory, to the Master Settlement Agreement created on November 23, 1998, as set forth in R.S. 39:98.1, except for litigation related to the Master Settlement Agreement, or any litigation where the state is a party, the security to be furnished for any purpose, including for an appeal of any judgment in civil litigation that is required to stay the execution thereon during the course of all appeals, shall be determined in accordance with the Code of Civil Procedure, except that the total amount of security required of all defendants collectively shall not exceed fifty million dollars. However, if it is proved by a preponderance of the evidence that the appellant for whom the bond has been limited pursuant to this Section is intentionally dissipating or diverting assets outside of the ordinary course of its business for the purpose of avoiding payment of the judgment, the court shall enter such orders as are necessary to prevent dissipation or diversion of assets including but not limited to requiring that bond be posted equal to the full amount of security required pursuant to Code of Civil Procedure Article 2124.
Acts 2001, No. 669, §1, eff. June 25, 2001; Acts 2003, No. 1136, §1, eff. July 2, 2003.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:98.7. Tobacco Settlement Enforcement Fund

RS 39:98.7 - Tobacco Settlement Enforcement Fund
A. The Tobacco Settlement Enforcement Fund, hereinafter referred to as the "fund", is hereby created in the state treasury. The fund shall consist of monies appropriated to the fund by the legislature, grants, donations, other monies which may become available, and monies transferred to the fund pursuant to this Section.
B. The state treasurer shall annually transfer from the state general fund to the fund the sum of four hundred thousand dollars. Monies in the fund shall be invested by the treasurer in the same manner as monies in the state general fund. Interest earned on investment of monies in the fund shall be credited to the state general fund. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.
C. Subject to annual appropriation, monies in the fund shall be used and expended by the Department of Justice solely and exclusively for purposes of enforcement of the Master Settlement as defined in R.S. 39:99.3.
Acts 2007, No. 196, §1, eff. June 27, 2007.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.2. Legislative findings and intent

RS 39:99.2 - Legislative findings and intent
The major United States tobacco manufacturers and forty-six states (including the state of Louisiana) and other districts and territories of the United States have entered into a master settlement agreement that should result in Louisiana receiving substantial monies in perpetuity. The master settlement agreement has become effective in accordance with its terms, and Louisiana has begun receiving its allocation of the tobacco settlement payments to be made under the master settlement agreement. By constitutional amendments adopted by the legislature and the people of this state effective July 1, 2000, the monies to be received as a result of the master settlement agreement by Louisiana after the effective date are dedicated to the Millennium Trust and to the Louisiana Fund in certain proportions as more fully set forth in Article VII, Sections 10.8 and 10.9, respectively, of the Louisiana Constitution. The legislature has determined that there are risks with respect to the amounts of monies to be received as a result of the master settlement agreement, including among others the adjustments provided for in the agreement based upon tobacco consumption and litigation and potential further regulation of the tobacco industry, which could reduce the anticipated amounts of monies to be received in the future. The legislature has considered the financing techniques employed and to be employed by other jurisdictions to convert future tobacco settlement payments receivable as a result of the master settlement agreement into current assets and thereby to reduce exposure to the payment risks associated with the master settlement agreement and the credit risks associated with the tobacco industry. The legislature finds and declares it to be prudent and in the best interest of the state of Louisiana to employ such financing techniques to eliminate such risks as to a portion of the monies to be received as a result of the master settlement agreement by converting such monies to current assets to be deposited in and credited to the Millennium Trust in accordance with the following provisions of this Subpart.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.4. Corporation created; domicile; fiscal year

RS 39:99.4 - Corporation created; domicile; fiscal year
The Tobacco Settlement Financing Corporation is created as a special purpose, public corporate entity, an instrumentality independent of the state. The corporation shall be a public corporate body, intended, created and empowered to effectuate only the purposes set forth in this Subpart, and shall have a legal existence separate and distinct from the state of Louisiana. The domicile of the corporation shall be East Baton Rouge Parish. The corporation shall operate on a fiscal year basis commencing on July 1 and ending on June 30 of each year.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.6. Purposes and powers of the corporation

RS 39:99.6 - Purposes and powers of the corporation
A. The corporation's purposes are, and it shall have the authority and powers, to carry out the financing, purchasing, owning and managing of the tobacco assets and activities incidental thereto, the corporation being vested (subject to R.S. 39:99.10 and the other provisions hereof) with all the powers of a private corporation to effectuate the purposes of the corporation including, without limitation, the power to sue and be sued, to make contracts, to adopt and use a corporate seal and to alter same, and is further particularly authorized and empowered to:
(1) Purchase the tobacco assets and receive, or authorize the indenture trustee to receive, as the same shall become due, the tobacco settlement payments.
(2) Adopt, or alter, or repeal any bylaws, rules or regulations as the board may deem necessary.
(3) Issue bonds as authorized by this Subpart and refund any of such bonds.
(4) Commence and prosecute any action or other proceeding to protect or enforce any right conferred upon it by any law, contract or other agreement.
(5) Pay its operating expenses.
(6) Determine the amounts of the residual interests, and pay and transfer such residual interests to the state treasurer, semi-annually, in accordance with the provisions of this Subpart.
(7) Do any and all other acts and things necessary, convenient, appropriate or incidental in carrying out the provisions of this Subpart.
B. The corporation is further authorized and empowered to incur obligations to pay its operating expenses in such form as may be authorized by the corporation. This Subpart shall govern the issuance of such obligations insofar as the same may be applicable.
C. The corporation shall prepare an operating budget annually which shall be submitted for approval to the State Bond Commission and the Joint Legislative Committee on the Budget.
D. The corporation shall prepare and submit an annual report to the governor, the State Bond Commission, the Senate Committee on Finance and the House of Representatives Committee on Appropriations on or before March 1 of each year. The annual report shall contain, among other appropriate matters, the annual operating and financial statements of the corporation for the fiscal year ending the preceding June 30.
E. Any funds held by the corporation or by the indenture trustee may be invested and reinvested in investments and securities that are legal investments under the laws of the state of Louisiana for funds of the state, funds of the political subdivisions of the state or tax exempt bonds as defined in R.S. 49:342(C).
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.7. Corporate existence; dissolution

RS 39:99.7 - Corporate existence; dissolution
The corporation shall have perpetual existence; provided, however, the board shall dissolve and terminate the existence of the corporation no later than two years after the date of final payment of all outstanding bonds and the payments or satisfaction of all other outstanding obligations and liabilities of the corporation, except to the extent necessary to remain in existence, and only for such additional time, as shall be necessary to fulfill any outstanding covenants or agreements with holders or other parties made in accordance with the provisions of this Subpart. Upon dissolution of the corporation, title to all assets and properties of the corporation shall vest in and become the property of the state of Louisiana and shall be deposited in and credited to the Millennium Trust, and the corporation shall execute all necessary conveyances, assignments or other documents to establish and evidence such transfer and ownership, including all conveyances or assignments of all rights, title and interest to the tobacco settlement payments.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.8. Staff; counsel; assistance by state officers, departments and agencies; auditors; consultants

RS 39:99.8 - Staff; counsel; assistance by state officers, departments and agencies; auditors; consultants
A. The staff of the Department of the Treasury, including that of the State Bond Commission, may, pursuant to a cooperative endeavor agreement, serve as staff to the corporation under the supervision of the state treasurer.
B. The attorney general may, pursuant to a cooperative endeavor agreement, serve as counsel to the corporation, and subject to approval of the State Bond Commission and the Attorney General, the corporation may employ or retain such other attorneys as it may deem necessary and fix their compensation.
C. State officers, departments and agencies may render support and services to the corporation within their respective functions, as requested by the corporation.
D. The books and accounts of the corporation shall be subject to audit not less than annually by the legislative auditor in accordance with R.S. 24:513. The corporation shall submit to the governor, the attorney general and the Legislative Audit Advisory Council, within thirty days of its receipt, a copy of every final external audit of the books and accounts of the corporation, other than copies of the reports of examinations of the legislative auditor.
E. The corporation may employ or retain such professionals, consultants, agents, financial advisers and accountants as it may deem necessary to carry out its duties under this Subpart and, the provisions of any other law to the contrary notwithstanding, may determine their duties and compensation subject only to the approval of the State Bond Commission.
F. The corporation shall be subject to the Code of Governmental Ethics (R.S. 42:1101, et seq.), the Open Meetings Law (R.S. 42:11, et seq.), the Public Records Law (R.S. 44:1, et seq.), and the Bond Validation Procedures Law (R.S. 13:5121, et seq.).
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.9. Exemption from taxation

RS 39:99.9 - Exemption from taxation
The exercise of the powers and authorities granted by this Subpart shall be in all respects for the benefit of the citizens of the state of Louisiana and for the promotion of their welfare, convenience and prosperity. Property of the corporation, whether immovable, personal, tangible or intangible, and the income, earnings and operations of the corporation, shall be exempt from all taxation, fees or assessments, or any other similar charges.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.10. Bankruptcy

RS 39:99.10 - Bankruptcy
Prior to the date that is one year and one day after which the corporation no longer has any bonds outstanding, the corporation is prohibited from filing and shall have no authority to file a voluntary petition under the federal bankruptcy code as it may, from time to time, be in effect, and neither any public official nor any organization, entity or other person shall authorize the corporation to be or to become a debtor under the federal bankruptcy code during such period. The provisions of this Section shall be part of any contractual obligation owed to the holders of bonds issued under this Subpart. Any such contractual obligation shall not subsequently be modified by state law during the period of the contractual obligation, and the state of Louisiana hereby covenants with the holders that the state shall not limit or alter the denial of authority under this Section during the period referred to in the first sentence hereof.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.11. Exclusive jurisdiction and venue; service of process; bond validation actions

RS 39:99.11 - Exclusive jurisdiction and venue; service of process; bond validation actions
The Nineteenth Judicial District Court for the state of Louisiana shall have exclusive jurisdiction and venue of any suit or action of any nature brought by or against the corporation. Any suit or action to determine or contest the validity of bonds of the corporation shall be brought and conducted only in accordance with La. R.S. 13:5121, et seq.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.13. Ownership of tobacco assets and tobacco settlement payments

RS 39:99.13 - Ownership of tobacco assets and tobacco settlement payments
On and after the effective date of each sale of tobacco assets, the state of Louisiana shall have no right, title or interest in or to the tobacco assets sold and conveyed; and the tobacco settlement payments shall be property of the corporation and not of the state, and shall be owned, received, held and disbursed by the corporation or the indenture trustee and not the state or the state treasury. On or before the closing date and the effective date of any subsequent sale, the state through the attorney general shall notify the escrow agent and the independent auditor under the master settlement agreement that the tobacco assets have been sold and conveyed to the corporation, irrevocably instruct such escrow agent and independent auditor that, subsequent to the closing date or other effective date, the tobacco settlement payments are to be paid directly to the corporation or to the indenture trustee or other designee for the account of the corporation, and take such other actions necessary and appropriate to effectuate such notice and instruction.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.15. Security for payment of bonds; provisions of trust indenture or resolution

RS 39:99.15 - Security for payment of bonds; provisions of trust indenture or resolution
A. In the discretion of the board, any bonds issued, and any ancillary contracts or swaps made under the provisions of this Subpart, may be secured by a trust indenture by and between the corporation and the indenture trustee, which may be any trust company or bank having the powers of a trust company, whether located within or without the state. Such trust indenture, or the resolution of the board providing for the issuance of such bonds, may:
(1) Pledge or assign all or any part of the income or other assets of the corporation available for such purpose.
(2) Provide for the creation and maintenance of such reserves as the board shall determine to be proper.
(3) Include covenants setting forth the duties of the corporation in relation to the bonds, the income of the corporation, the related agreement and the tobacco assets.
(4) Contain provisions respecting the custody, safeguarding and application of all monies and securities and such provisions for protecting and enforcing the rights and remedies (pursuant thereto and to the related agreement) of the holders and other beneficiaries as may be reasonable and proper and not in violation of law.
(5) Contain such other provisions as the corporation may deem reasonable and proper for priorities and subordination among the holders and other beneficiaries. Any reference in this Subpart to a resolution of the board shall include any trust indenture authorized thereby.
B. Any pledge or security interest made by the corporation shall be valid and binding from the time when the pledge or security interest is made. The income or other assets so pledged and then or thereafter received by the corporation shall immediately be subject to the lien of such pledge or security interest without any physical delivery thereof or further act, and the lien of any such pledge or security interest shall be valid and binding as against all parties asserting or having claims of any kind in tort, contract or otherwise against the corporation, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge or security interest is created need be recorded or filed to perfect such pledge or security interest.
C. Whether or not the bonds are of such form and character as to be negotiable instruments under the provisions of the Uniform Commercial Code, the bonds are hereby made negotiable instruments for all purposes, subject only to the provisions of the bonds for registration.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.16. Ancillary contracts and swaps

RS 39:99.16 - Ancillary contracts and swaps
A. The corporation may enter into, amend, or terminate, as it determines to be necessary or appropriate, any ancillary contracts (i) to facilitate the issuance, sale, resale, purchase, repurchase, or payments of bonds, including without limitation bond insurance, letters of credit and liquidity facilities, or (ii) to attempt to hedge risk or achieve a desirable effective interest rate or cash flow, subject to approval of the State Bond Commission and the Joint Legislative Committee on the Budget. The determination of the board, so approved, that an ancillary contract or the amendment or termination thereof is necessary or appropriate as aforesaid shall be conclusive. Such contracts shall be made upon the terms and conditions established by the board and approved by the State Bond Commission and the Joint Legislative Committee on the Budget, including without limitation provisions as to security, default, termination, payment, remedy and consent to service of process.
B. The corporation may enter into, amend or terminate, any swap contract that it determines to be necessary or appropriate to place the obligations or investments of the corporation, as represented by the bonds or the investment of their proceeds, in whole or in part, on the interest rate, cash flow or other basis desired by the board, which contract may include without limitation contracts commonly known as interest rate swap agreements, and futures or contracts providing for payments based on levels of, or changes in, interest rates, subject to approval of the State Bond Commission. These contracts or arrangements may be entered into by the corporation, subject to approval of the State Bond Commission and the Joint Legislative Committee on the Budget, in connection with, or incidental to, entering into, or maintaining any (i) agreement which secures bonds or (ii) investment or contract providing for investment otherwise authorized by law. The determination of the board, so approved, that a swap contract or the amendment or termination thereof is necessary or appropriate as aforesaid shall be conclusive. These contracts and arrangements may contain such payment, security, default, remedy, and other terms and conditions as determined by the board and approved by the State Bond Commission and the Joint Legislative Committee on the Budget, after giving due consideration to the creditworthiness of the counterparty or other obligated party, including any rating by any nationally recognized rating agency, and any other criteria as may be appropriate.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.17. Bonds exempt from taxation

RS 39:99.17 - Bonds exempt from taxation
The bonds, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free and exempt from taxation by the state of Louisiana and by any other political subdivision of the state.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.18. Bond and other proceeds received by the state

RS 39:99.18 - Bond and other proceeds received by the state
All proceeds and monies received by the state, whether received as purchase price for the tobacco assets sold or as the residual interests or in any other way pursuant to this Subpart, shall be deposited in and credited to the Millennium Trust except as provided in R.S. 39:99.12B.(3).
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.19. Pledge and agreement

RS 39:99.19 - Pledge and agreement
The state covenants and agrees with the corporation, and the holders of the bonds in which the corporation has included such pledge and agreement, that the state will (i) irrevocably direct the escrow agent and independent auditor under the master settlement agreement to transfer all conveyed tobacco settlement payments directly to the corporation or its assignee, (ii) enforce the corporation's rights to receive the tobacco settlement payments to the full extent permitted by the terms of the master settlement agreement, (iii) not amend the master settlement agreement in any manner that would materially impair the rights of the holders, (iv) not limit or alter the rights of the corporation to fulfill the terms of its agreements with such holders, and (v) not in any way impair the rights and remedies of such holders or the security for such bonds until such bonds, together with the interest thereon and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully paid and discharged.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.20. Construction and effect

RS 39:99.20 - Construction and effect
This Subpart and all powers granted hereby shall be liberally construed to effectuate its and their purposes, without implied limitations thereon. This Subpart shall constitute full and complete authority for all things herein contemplated to be done. All rights and powers herein granted shall be cumulative with those derived from other sources and shall not, except as expressly stated herein, be construed in limitation thereof. Insofar as the provisions of this Subpart are inconsistent with the provisions of any other law, general or special, the provisions of this Subpart shall be controlling. If a provision of this Subpart or its application is held invalid, the invalidity shall not affect other provisions or application of this Subpart which can be given effect without the invalid provisions or application.
Acts 2001, No. 1145, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.28. Corporation created; domicile; fiscal year

RS 39:99.28 - Corporation created; domicile; fiscal year
The corporation is created as a special purpose, public corporate entity, an instrumentality independent of the state. The corporation shall be a public corporate body, intended, created and empowered to effectuate only the purposes set forth in this Subpart, and shall have a legal existence, separate and distinct from the state of Louisiana. The domicile of the corporation shall be East Baton Rouge Parish. The corporation shall operate on a fiscal year basis commencing on July first and ending on June thirtieth of each year.
Acts 2007, No. 249, §1, eff. July 6, 2007.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:99.31. Corporate existence; dissolution

RS 39:99.31 - Corporate existence; dissolution
The corporation shall have perpetual existence; provided, however, the board shall dissolve and terminate the existence of the corporation no later than two years after the date of final payment of all outstanding bonds and the payments or satisfaction of all other outstanding obligations and liabilities of the corporation, except to the extent necessary to remain in existence, and only for such additional time, as shall be necessary to fulfill any outstanding covenants or agreements with holders or other parties made in accordance with the provisions of this Subpart. Upon dissolution of the corporation, title to all assets and properties of the corporation shall vest in and become the property of the state of Louisiana and shall be deposited in and credited to the Coastal Protection and Restoration Fund, and the corporation shall execute all necessary conveyances, assignments or other documents to establish and evidence such transfer and ownership, including all conveyances or assignments of all rights, title and interest to the offshore royalty revenues.
Acts 2007, No. 249, §1, eff. July 6, 2007.