2015 Louisiana Laws
Revised Statutes
TITLE 51 - Trade and Commerce
RS 51:2213 - MediFund; creation

§2213. MediFund; creation

A. The MediFund, hereafter referred to as the "fund", is hereby created as a special fund in the state treasury. The source of monies for the fund may include but shall not be limited to any appropriation by the legislature, including federal funds; any public or private donations, gifts, or grants from individuals, corporations, nonprofit organizations, or other business entities; venture capital; and any other monies which may be provided by law.

B. All money received by the fund, except as otherwise provided by Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, shall be deposited immediately upon receipt into the state treasury.

C. The monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund. Interest earned on the investment of monies in the fund shall be credited to the fund following compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana. All unexpended and unencumbered monies in the fund at the end of each fiscal year shall remain in the fund.

D. Subject to appropriation by the legislature to the MediFund Board through the Board of Regents, the monies in the fund shall be used solely for the purposes provided in this Chapter. The monies appropriated by the legislature and disbursed from the MediFund shall not displace, replace, or supplant funding for higher education for a purpose for which a general fund appropriation was made in the previous year unless the total appropriation for that fiscal year from the state general fund for such purpose exceeds general fund appropriations for the previous year.

E.(1)(a) Except as provided for in Paragraph (3) of this Subsection, in no fiscal year shall the amount transferred or appropriated to the MediFund exceed twenty percent of any increase in state general fund and dedicated funds in the aggregate in the operating budget as contained in the general appropriation bill for higher education from the prior fiscal year.

(b) Increases in the appropriation for the Louisiana Taylor Opportunity Program for Students, the administrative costs of the management boards of higher education, the Louisiana Education Quality Support Fund, and the Louisiana Marine Consortium shall not count as increases for higher education for purposes of this Section.

(2) Except as provided for in Paragraph (3) of this Subsection, state appropriations and transfers into the fund shall not exceed twenty-five million dollars in any fiscal year.

(3) The restrictions on transfers and appropriations to the fund provided for in this Section shall not apply to the following:

(a) Any tax or fee enacted after June 30, 2013, which provides by law for deposit into the fund; and

(b) An initial, one-time deposit of up to two hundred fifty thousand dollars of state funds as required for deposit in the state treasury in Article VII, Section 9 of the Constitution of Louisiana, notwithstanding the provisions of Paragraphs (1) and (2) of this Subsection; and

(c) Non-state funds.

(4) State monies received by the fund may be allocated to public and not-for-profit institutions, provided that no grant shall be made to a not-for-profit institution if the grant does not include a public institution with a substantial role unless no public institution possesses the expertise or interest necessary to participate. Likewise, any such grants awarded by the fund to a public institution, as the primary applicant, shall include a not-for-profit institution as a collaborative grant partner, with a substantial role, unless no not-for-profit institution in this state possesses the expertise necessary or the interest to participate in such collaboration. This limitation shall not include non-state funds.

F. Three percent of the balance of the fund or an amount not to exceed six hundred thousand dollars, whichever is lesser, shall be used for administrative fees to accomplish the purpose of this Chapter, as approved by the MediFund board.

Acts 2013, No. 320, §2, eff. June 17, 2013.