This text of Louisiana § 17:408.2 (Bossier Education Excellence Fund; purpose; creation; investment;) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§408.2. Bossier Education Excellence Fund; purpose; creation; investment;
restrictions on use of principal; withdrawal of earnings; expenditures from
earnings limited to educational enhancement
A. The Bossier Education Excellence Fund is established in recognition of
the need to earmark and set aside a portion of the earnings from riverboat gaming in
Bossier Parish which is an industry in that parish, to be used exclusively for
educational enhancements that will ultimately improve economic development
opportunities in that parish and the surrounding area.
B.
(1)The Bossier Education Excellence Fund, hereafter referred to as the
"fund", is hereby created as a special fund in the state treasury. Any funds collected
pursuant to R.S. 4:552(A) and allocated pursuant to R.S. 4:552(A)(2)(g) and a
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§408.2. Bossier Education Excellence Fund; purpose; creation; investment;
restrictions on use of principal; withdrawal of earnings; expenditures from
earnings limited to educational enhancement
A. The Bossier Education Excellence Fund is established in recognition of
the need to earmark and set aside a portion of the earnings from riverboat gaming in
Bossier Parish which is an industry in that parish, to be used exclusively for
educational enhancements that will ultimately improve economic development
opportunities in that parish and the surrounding area.
B.(1) The Bossier Education Excellence Fund, hereafter referred to as the
"fund", is hereby created as a special fund in the state treasury. Any funds collected
pursuant to R.S. 4:552(A) and allocated pursuant to R.S. 4:552(A)(2)(g) and all
monies imposed pursuant to R.S. 4:163.1(D) and allocated pursuant to R.S.
4:163.1(D)(2)(c) shall be transferred to the depository of the Bossier Parish School
Board. The school board shall invest the principal of the fund only in direct
obligations of the United States government and in time certificates of deposit of
state banks organized under the laws of Louisiana and national banks having their
principal office in Louisiana. Earnings on principal may also be invested. However,
the amount of earnings shall be kept account of separately from fund principal and
shall be available for the school board to withdraw as provided in this Section.
(2) All monies attributable to the Bossier Education Excellence Fund as
enacted by Act No. 370 of the 1985 Regular Session of the Louisiana Legislature 1 and unexpended on August 15, 1995, shall be deposited in the fund created in this
Section and the expenditure of such funds shall be subject to the provisions of this
Section.
C. The principal of the Bossier Education Excellence Fund may not be
appropriated and shall be used only for making income-producing investments.
Beginning January first of each year, the Bossier Parish School Board, on its own
warrant, may withdraw from the fund an amount not to exceed the earnings which
have accrued to the fund during the prior calendar year.
D. The Bossier Parish School Board shall use earnings from the fund only
for enhancements to the education program in Bossier Parish. Earnings may not be
used for administrative, custodial, or maintenance expenses nor for capital expenses.
Equipment and supplies purchased with such funds shall be for educational purposes
only. Audits of the Bossier Parish School Board by the legislative auditor shall
specifically address compliance with the provisions of this Section.
1 R.S. 17:2261 et seq. repealed by Acts 1992, No. 984, §18.