§ 39:100.49 — 2021 Market Adjustments Reduction Fund

Louisiana § 39:100.49

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

§100.49. 2021 Market Adjustments Reduction Fund
A. There is hereby created and established in the state treasury, as a special fund, the
2021 Market Adjustments Reduction Fund, hereinafter the "fund". After allocation of money
to the Bond Security and Redemption Fund as provided in Article VII, Section 9(B) of the
Constitution of Louisiana, the treasurer shall deposit in and credit to the fund any monies
reported by the commissioner of administration as being achieved as a result of the
reductions to agency budgets for market adjustments for classified employees and pay raises
for unclassified employees made by the commissioner of administration.
B. The monies in the fund shall be invested in the same manner as monies in the
state general fund. Interest earned on the investment of monies in the fund shall be deposited
in and credited to the fund.
C. Monies in the fund may be utilized to restore market adjustments for classified
employees and pay raises for unclassified employees proposed and subsequently eliminated
during the 2020 First Extraordinary Session of the Legislature of Louisiana, in the event
economic conditions warrant such action and are approved either by the legislature, if in
session on or before October 15, 2020, or the Joint Legislative Committee on the Budget, if
the legislature is not in session on or before October 15, 2020.
NOTE: Provisions in HB 1 of the 2020 1 st Ex. Sess. that would have
generated monies for this fund were vetoed by the governor.

Legislative History

Acts 2020, 1 st Ex. Sess., No. 10, §7, eff. July 1, 2020.