§ 39:246 — Fiscal Year 1988-1989 budget surplus; first use payment; unfunded accrued liability

A. Any provision of this Title or any other law to the contrary notwithstanding, up to twenty-two million dollars of any state general fund operating surplus as certified by the Revenue Estimating Conference, for the Fiscal Year 1988-1989 not appropriated shall be used first to reduce the unfunded accrued liability payment due from parish and city school boards to the Teachers' Retirement System for Fiscal Year 1989-1990. Immediately upon determining the amount of such surplus, the treasurer shall pay to the Teachers' Retirement System from such surplus the amount available and necessary to so reduce the unfunded accrued liability payment due that system by the parish and city school boards for Fiscal Year 1989-1990. Such payment shall be made and applied after application of the credit from the overpayment of 1988-1989 as authorized in Act 4 of the First Extraordinary Session of 1989.
B. No monies shall be paid under the provisions of this Section until the local school board has rolled forward to the maximum millage allowed by law to provide the maximum funding allowed.
C. The provisions of this Section shall not take effect until and unless all merit increases for state civil service employees have been totally funded or compromised and paid for Fiscal Year 1988-1989.

Legislative History

Acts 1989, No. 809, §1.