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      CONST 7 10.16     

  

§10.16. Dedications of Mineral Revenues

            Section 10.16.(A) All mineral revenues as defined in Paragraph (D) of this Section received in each fiscal year by the state as a result of the production of or exploration for minerals, hereinafter referred to as "mineral revenues", shall be allocated as provided in this Section after the following allocations and deposits of mineral revenues have been made:

            (1) To the Bond Security and Redemption Fund as provided in Article VII, Section 9 (B) of this constitution.

            (2) To the political subdivisions of the state as provided in Article VII, Sections 4 (D) and (E) of this constitution.

            (3) To the Louisiana Wildlife and Fisheries Conservation Fund as provided by the requirements of Article VII, Section 10-A of this constitution and as provided by law.

            (4) To the Louisiana Wildlife and Fisheries Conservation Fund and the Oil and Gas Regulatory Fund as provided by law.

            (5) To the Rockefeller Wildlife Refuge and Game Preserve Fund as provided by law.

            (6) To the Marsh Island Operating Fund and the Russell Sage or Marsh Island Refuge Fund as provided by law.

            (7) To the MC Davis Conservation Fund as provided by law.

            (8) To the White Lake Property Fund as provided by law.

            (9) To the Louisiana Education Quality Trust Fund and Louisiana Quality Education Support Fund as provided in Article VII, Section 10.1 of this constitution.

            (10) To the Coastal Protection and Restoration Fund as provided in Article VII, Section 10.2 of this constitution and as provided by law.

            (11) To the Mineral Revenue and Audit Settlement Fund as provided in Article VII, Section 10.5 of this constitution and as provided by law.

            (12) To the Budget Stabilization Fund as provided in Article VII, Section 10.3 of this constitution and as provided by law.

            (13) An amount equal to the state general fund deposited into the Transportation Trust Fund and the Louisiana State Transportation Infrastructure Fund as provided by law.

            (B) Allocation of Mineral Revenues. After the allocations and deposits provided in Paragraph (A) of this Section, the mineral revenues received in each year in excess of six hundred sixty million dollars and less than nine hundred fifty million dollars shall be allocated as follows:

            (1) Thirty percent shall be appropriated to the Louisiana State Employees' Retirement System and the Teachers' Retirement System of Louisiana for application to the balance of the unfunded accrued liability of such systems existing as of June 30, 1988, in proportion to the balance of such unfunded accrued liability of each such system, until such unfunded accrued liability has been eliminated. Any such payments to the public retirement systems shall not be used, directly or indirectly, to fund cost-of-living increases for such systems.

            (2) The remainder shall be deposited into the Revenue Stabilization Trust Fund.

            (C) Mineral revenues in excess of the base which would otherwise be deposited into the Budget Stabilization Fund under Subparagraph (A)(2) of Section 10.3 of this constitution, but are prohibited from being deposited into the fund under Subparagraph (C)(4) of Section 10.3 of this constitution, shall be distributed as follows:

            (1) Thirty percent shall be appropriated to the Louisiana State Employees' Retirement System and the Teachers' Retirement System of Louisiana for application to the balance of the unfunded accrued liability of such systems existing as of June 30, 1988, in proportion to the balance of such unfunded accrued liability of each such system, until such unfunded accrued liability has been eliminated. Any such payments to the public retirement systems shall not be used, directly or indirectly, to fund cost-of-living increases for such systems.

            (2) The remainder shall be deposited into the Revenue Stabilization Trust Fund.

            (D) For purposes of this Section, "mineral revenues" shall include severance taxes, royalty payments, bonus payments, or rentals, with the following exceptions:

            (1) Revenues designated as nonrecurring, pursuant to Article VII, Section 10(B) of this constitution.

            (2) Revenues received by the state as a result of grants or donations when the terms or conditions thereof require otherwise.

            (3) Revenues derived from any tax on the transportation of minerals.

            Acts 2016, No. 679, approved Nov. 8, 2016, eff. Dec. 13, 2016.

NOTE: Acts 2021, No. 114, eff. July 1, 2022, renamed the Oil and Gas Regulatory Fund to the Oil and Gas Regulatory Dedicated Fund Account. See Sections 6 and 18 of the Act.



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