§ 3:1407 — Disposition of funds; Feed and Fertilizer Fund

Louisiana § 3:1407

• Jurisdiction: Louisiana
• Title 3: Agriculture and Forestry

Text

§1407. Disposition of funds; Feed and Fertilizer Fund
A.(1) All fees, assessments, penalties, and all other funds received by the
commission under the provisions of this Part and Part III of this Chapter, except for the
deficiency assessments paid to the purchaser-user as provided for in R.S. 3:1415 and the
consumer as provided for in R.S. 3:1430.13 and subject to the exceptions contained in
Article VII, Section 9 of the Constitution of Louisiana, shall be deposited immediately upon
receipt into the state treasury and shall be credited to the Bond Security and Redemption
Fund.
(2) Out of the funds remaining in the Bond Security and Redemption Fund after a
sufficient amount is allocated from that fund to pay all obligations secured by the full faith
and credit of the state which become due and payable within any fiscal year, the treasurer,
prior to placing the remaining funds in the state general fund, shall pay an amount equal to
the total amount of funds paid into the state treasury by the commission under the provisions
of this Part and Part III of this Chapter into a special fund which is hereby created in the state
treasury and designated as the "Feed and Fertilizer Fund".
(3) All unexpended and unencumbered monies in the fund at the end of each fiscal
year shall remain in the fund. The monies in the fund shall be invested by the treasurer in
the same manner as monies in the state general fund. All interest earned on monies from the
fund invested by the state treasurer shall be deposited in the fund.
B. Subject to appropriation, the monies in the Feed and Fertilizer Fund shall be used
for the following purposes:
(1) To provide for the expenses of the programs established by this Part and Part III
of this Chapter and the expenses of the offices of agricultural and environmental sciences and
animal health and food safety, as determined by the commissioner.
(2) To renovate, maintain, and equip a building on the Baton Rouge campus of the
Louisiana State University and Agricultural and Mechanical College to provide
administrative offices and analytical laboratories to be used in connection with the programs
established by this Part and Part III of this Chapter.
(3) To build, equip, and maintain a building to house the offices of the Department
of Agriculture and Forestry.
(4) To fund any and all costs related to the fulfillment of the powers, responsibilities,
and purposes of this Part and Parts I and III of this Chapter.
C. The Department of Agriculture and Forestry or the Louisiana Agricultural Finance
Authority on behalf of the Department of Agriculture and Forestry may fund the anticipated
funds appropriated from the Feed and Fertilizer Fund into revenue bonds for the purpose of
renovating a building on the Baton Rouge campus of the Louisiana State University and
Agricultural and Mechanical College to provide administrative offices and analytical
laboratories to be used in connection with the programs established by this Part and Part III
of this Chapter and for the purpose of acquiring, constructing, renovating, and equipping
buildings and related facilities for use by the Department of Agriculture and Forestry in
connection with promoting and assisting agriculture and forestry in this state. The
Department of Agriculture and Forestry may pledge those funds to secure the repayment of
revenue bonds or to secure a lease or purchase agreement entered into in connection with the
issuance of revenue bonds for those purposes.

Legislative History

Acts 2010, No. 579, §1; Acts 2011, No. 31, §1; Acts 2013, No. 26, §1, eff. May 23, 2013; Acts 2020, No. 333, §1.