Creates the Capital Outlay Savings Fund and directs the state treasurer to move specified revenues into it.
SUBPART Q. CAPITAL OUTLAY SAVINGS FUND §100.121. Capital Outlay Savings Fund A.(1) There is hereby created in the state treasury, as a special fund, the Capital Outlay Savings Fund, hereinafter referred to as the "fund". The fund shall be comprised of both recurring and nonrecurring state general fund revenues. (2)(a) The state treasurer is authorized and directed to transfer and deposit into the fund an amount equal to one hundred five million nine hundred thirty-seven thousand seven hundred twenty dollars of nonrecurring revenues from the Fiscal Year 2018-2019 surplus as recognized by the Revenue Estimating Conference. (b) In the event that a project included in the comprehensive capital outlay budget that has a state general fund direct appropriation, regardless of whether the appropriation is from recurring or nonrecurring revenue, is deemed null by the division of administration or is vetoed by the governor, the state treasurer is authorized and directed to deposit into the fund an amount equal to the amount of the appropriation for the project that is deemed null or vetoed from the recurring or nonrecurring revenues, whichever is applicable, in the state general fund. B. Monies in the fund shall be used only for the following purposes: (1) Providing funding for capital outlay projects; however, no withdrawals shall be made from the fund pursuant to the provisions of this Paragraph except by a specific appropriation made in a bill enacted by the legislature. (2) Providing for allocation or appropriation for deposit into the Budget Stabilization Fund established in Article VII, Section 10.3 of the Constitution of Louisiana. C. The monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund, and any interest earned on the monies in the fund shall be credited to the fund. Acts 2020 1st Ex. Sess., No. 30, §1, eff. July 1, 2020; Acts 2023, No. 82, §1, eff. July 1, 2024; Acts 2024, No. 723, §5, eff. Jan. 1, 2025.