2011 Louisiana Laws
Revised Statutes
TITLE 51 — Trade and commerce
RS 51:2315 — Louisiana economic development fund
§2315. Louisiana Economic Development Fund
A. There is hereby established within the state treasury a fund to be known as the "Louisiana Economic Development Fund". All monies received by the corporation shall be deposited to the account of the Louisiana Economic Development Fund.
B.(1) The legislature may appropriate monies for the benefit of the programs administered by the corporation to the Louisiana Economic Development Fund. The monies in such fund shall be used to accomplish the purposes of this Chapter.
(2) All monies received or appropriated to such fund shall remain in the fund and shall not be returned to the state general fund at the end of any fiscal year.
C.(1) The monies in the Louisiana Economic Development Fund shall be invested by the treasurer in the same manner as monies in the state general fund.
(2) All interest earned on monies from such fund so invested by the state treasurer shall be deposited in the Louisiana Economic Development Fund.
D. There is hereby established the Rural Economic Development Account within the Louisiana Economic Development Fund. Monies in such account shall be used to provide for rural economic development and to effectuate the purposes of this Chapter in rural areas of the state. The board of directors shall designate a portion of the total monies appropriated by the legislature to the Louisiana Economic Development Fund each year for deposit into the Rural Economic Development Account.
Acts 1991, No. 34, §1, eff. July 1, 1991; Acts 2003, No. 1107, §1, eff. July 2, 2003.
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