§ 39:99.37 — Ownership of Offshore Royalty Revenue assets and Offshore Royalty Revenue payments

Louisiana § 39:99.37

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

On and after the effective date of each sale of Offshore Royalty Revenue assets, the state of Louisiana shall have no right, title or interest in or to the Offshore Royalty Revenue assets sold and conveyed; and the Offshore Royalty Revenue payments shall be property of the corporation and not of the state, and shall be owned, received, held and disbursed by the corporation or the indenture trustee and not the state or the state treasury. On or before the closing date and the effective date of any subsequent sale, the state, through, the attorney general shall notify the Department of the Interior or any successor agency that the Offshore Royalty Revenue assets have been sold and conveyed to the corporation, irrevocably instruct such Department of the Interior or any successor agency that, subsequent to the closing date or other effective date, the Offshore Royalty Revenue payments are to be paid directly to the corporation or to the indenture trustee or other designee for the account of the corporation, and take such other actions necessary and appropriate to effectuate such notice and instruction.

Legislative History

Acts 2007, No. 249, §1, eff. July 6, 2007.