2006 Louisiana Laws - RS 9:165 — Deposit of funds

§165.  Deposit of funds

A.  Except as otherwise provided by this Section, the administrator shall promptly deposit in the Bond Security and Redemption Fund of this state all funds received under this Chapter, including the proceeds from the sale of abandoned property under R.S. 9:164.  The administrator shall retain in a separate trust fund at least five hundred thousand dollars from which the administrator shall pay claims duly allowed.  Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and, with respect to each policy or contract listed in the report of an insurance company, its number, the name of the company, and the amount due.

B.  The administrator may deduct an amount equal to the costs incurred for authorized external auditing from total gross collections during any fiscal year, and an amount not to exceed seven percent of the total gross collections during any fiscal year for the remaining costs of administering this Chapter.

C.  The Unclaimed Property Leverage Fund is created as a special fund in the state treasury for the deposit of a portion of the funds received by the administrator under this Chapter.  The state treasurer shall deposit into the Unclaimed Property Leverage Fund for transfer to the Louisiana Transportation Authority, hereinafter, the "authority", each fiscal year an amount not to exceed fifteen million dollars in accordance with an appropriation by the legislature to pay the principal and interest of unclaimed property bonds issued by the authority as the bonds become due and payable, and to fund such reserve for contingencies, costs, and expenses as may be required by the resolution authorizing the issuance of such bonds.  These proceeds shall be expended, utilizing any or all powers granted to the authority, including the funding or securitization of revenue bonds, fifty percent exclusively to match federal funds to be used for the costs for and associated with the construction of Interstate 49 North from Interstate 20 in the city of Shreveport to the Louisiana/Arkansas border and fifty percent for Interstate 49 South from Interstate 10 in the city of Lafayette to the West Bank Expressway in the city of New Orleans. All unexpended and unencumbered monies in the Unclaimed Property Leverage Fund at the end of the fiscal year shall remain in the Unclaimed Property Leverage Fund, and interest earned on the investment of these monies shall be credited to the Unclaimed Property Leverage Fund.

Acts 1986, No. 829, §1, eff. July 10, 1986; Acts 1997, No. 809, §1, eff. July 10, 1997; Acts 2004, No. 839, §1; Acts 2005, No. 256, §1, eff. June 29, 2005.