§ 17:3369.4 — College and University Deferred Maintenance and Capital Improvement Fund

Louisiana § 17:3369.4

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

§3369.4. College and University Deferred Maintenance and Capital Improvement Fund
A. There is hereby created as a special fund in the state treasury the College and
University Deferred Maintenance and Capital Improvement Fund, hereinafter referred to in
this Section as the "fund". The source of monies in the fund shall be the proceeds of any
bonds issued pursuant to the provisions of R.S. 17:3369.3; any monies transferred or
appropriated by the legislature including federal funds; all donations, gifts, or grants received
by the state for the fund; and any other monies which may be provided for the fund or the
purposes of this Part by law. Deposits into the fund shall comply with the provisions of
Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and
Redemption Fund. All unexpended and unencumbered monies in the fund at the end of the
fiscal year shall remain in the fund. Monies in the fund shall be invested by the treasurer in
the same manner as monies in the state general fund, and any interest earned on the
investment of such monies shall be deposited in and credited to the fund.
B. Subject to appropriation, monies in the fund shall be used solely and exclusively
by the office of facility planning and control to pay expenses associated with addressing
deferred maintenance of public facilities under the control of the board in accordance with
the limitations and restrictions provided for in this Part.

Legislative History

Acts 2024, No. 751, §1, eff. June 19, 2024.