§3369.4. College and University Deferred Maintenance and Capital Improvement Fund

            A. There is hereby created as a special fund in the state treasury the College and University Deferred Maintenance and Capital Improvement Fund, hereinafter referred to in this Section as the "fund". The source of monies in the fund shall be the proceeds of any bonds issued pursuant to the provisions of R.S. 17:3369.3; any monies transferred or appropriated by the legislature including federal funds; all donations, gifts, or grants received by the state for the fund; and any other monies which may be provided for the fund or the purposes of this Part by law. Deposits into the fund shall comply with the provisions of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Monies in the fund shall be invested by the treasurer in the same manner as monies in the state general fund, and any interest earned on the investment of such monies shall be deposited in and credited to the fund.

            B. Subject to appropriation, monies in the fund shall be used solely and exclusively by the office of facility planning and control to pay expenses associated with addressing deferred maintenance of public facilities under the control of the board in accordance with the limitations and restrictions provided for in this Part.

            Acts 2024, No. 751, §1, eff. June 19, 2024.