SUBPART Q-1. HURRICANE AND STORM DAMAGE RISK REDUCTION SYSTEM REPAYMENT FUND

§100.122. Hurricane and Storm Damage Risk Reduction System Repayment Fund; purpose

            A. There is hereby created in the state treasury, as a special fund, the "Hurricane and Storm Damage Risk Reduction System Repayment Fund", hereinafter referred to as the "fund".

            B. Between July 1, 2021, and June 30, 2022, and after compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, the treasurer is hereby authorized and directed to deposit thirty-eight percent of any increase of state general fund revenue recognized by the Revenue Estimating Conference for Fiscal Year 2021-2022 above the official state general fund forecast adopted on May 18, 2021, into the fund.

            C. Between July 1, 2022, and June 30, 2023, and after compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, state taxes levied on the sale at retail, use, lease, rental, consumption, distribution, and storage for use or consumption of each item or article of tangible personal property pursuant to R.S. 47:302(A) and (B), 321(A) and (B), 321.1(A) and (B), and 331(A) and (B), including remote sales, that are collected in the parishes of Jefferson, Orleans, Plaquemines, St. Bernard, and St. Charles shall be deposited into the fund.

            D. Monies in the fund shall be invested in the same manner as monies in the state general fund. Interest earned on investment of monies in the fund shall be credited to the fund. Unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

            E. The total amount of monies deposited into the fund pursuant to Subsections B and C of this Section shall not exceed four hundred million dollars.

            F. Monies in the fund shall be used exclusively to make payments to the United States Army Corp of Engineers for costs associated with the Hurricane and Storm Damage Risk Reduction System or to make debt service payments in the event the state issues general obligation bonds to fund the payments to the United States Army Corp of Engineers.

            Acts 2021, No. 448, §1, eff. June 30, 2021.