2015 Louisiana Laws
Revised Statutes
TITLE 39 - Public Finance
RS 39:100.146 - Higher Education Financing Fund
SUBPART S. HIGHER EDUCATION FINANCING FUND
§100.146. Higher Education Financing Fund
A. There is hereby established in the state treasury, as a special fund, the Higher Education Financing Fund, hereinafter referred to as the "fund".
B.(1) The state treasurer is directed to deposit into the fund an amount equal to cash balances identified and reported by the commissioner of administration as being from unexpended and unencumbered state general fund (direct) and Overcollections Fund appropriations for contracts not approved by the Joint Legislative Committee on the Budget for professional, personal, and consulting services under the jurisdiction of the office of state procurement available at the end of each fiscal year as are necessary to satisfy the requirements of R.S. 39:1590. The commissioner of administration, in consultation with the state chief procurement officer, shall periodically determine the amount of monies appropriated for professional, personal, and consulting service contracts that remain unexpended and unencumbered as a result of implementation of R.S. 39:1590. Such determination shall take place on the following dates in fiscal years 2015-2016, 2016-2017, and 2017-2018:
(a) September thirtieth.
(b) December thirty-first.
(c) March thirty-first.
(d) June thirtieth.
(2) All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. The monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of monies shall be credited to the fund.
C. Monies in the fund shall be appropriated and used solely for public postsecondary education institutions.
Acts 2015, No. 87, §1, eff. July 1, 2015.
NOTE: See Acts 2015, No. 87, §§1, 3, regarding effectiveness.
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