NOTE: §303 eff. until the proposed amendment of Article VII and Article IX of the
Constitution of Louisiana contained in Act No. 199 of the 2023 Regular Session of the
Legislature is adopted at a statewide election and becomes effective. See Acts 2023, No. 345.
§303. Credits to the Louisiana Investment Fund for Enhancement
A. The secretary of the Department of Revenue and the assistant secretary of the
office of mineral resources shall furnish the state treasurer with an itemized monthly report
showing revenues collected from oil and gas production consisting of severance taxes and
royalties respectively. On and after July 1, 1981, at any point during a fiscal year in which
the state treasurer certifies that the total of collections from oil and gas severance taxes and
royalties has reached the base for the current fiscal year, all subsequent oil and gas severance
tax and royalty collections for that fiscal year shall be considered windfall revenues. Out of
the funds remaining in the Bond Security and Redemption Fund after a sufficient amount is
allocated from that fund to pay all obligations secured by the full faith and credit of the state
which become due and payable within each fiscal year, the treasurer, prior to placing such
funds in the state general fund, shall pay into the Louisiana Investment Fund for
Enhancement an amount equal to fifty percent of the windfall revenues paid into the treasury.
The remaining fifty percent of windfall revenues shall be paid into the state general fund.
B. Notwithstanding any other law to the contrary, the state treasurer is hereby
authorized to invest monies on deposit in the Louisiana Investment Fund for Enhancement
in the following:
(1) Direct obligations of, or obligations the principal and interest of which are
unconditionally guaranteed by, the United States of America.
(2) Obligations issued by any of the following agencies or corporations of the United
States of America: Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Government National
Mortgage Association, General Services Administration, Banks for Cooperatives, Federal
Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks, Federal
Financing Bank, Maritime Administration, The Tennessee Valley Authority, International
Bank of Reconstruction and Development, or the Federal Home Loan Mortgage Corporation,
or any agency or instrumentality of the United States of America which shall be established
for the purpose of acquiring the obligations of any of the foregoing or otherwise providing
financing therefor.
(3) Deposit accounts, which may be represented by certificates of deposit, in any
state bank, national banking association, and savings and loan association, which deposit
accounts are secured by obligations described in (1) or (2).
(4) Repurchase agreements with state banks or national banking associations secured
by obligations described in (1) or (2).
(5) Obligations of a state, a territory, Puerto Rico, or a possession of the United
States, or any political subdivision, agency, or instrumentality of any of the foregoing, or of
the District of Columbia which are fully secured by and payable from direct obligations of
the United States of America.
NOTE: §303 as repealed if and when the proposed amendment of Article VII and Article
IX of the Constitution of Louisiana contained in Act No. 199 of the 2023 Regular Session
of the Legislature is adopted at a statewide election and becomes effective. See Acts 2023,
No. 345.
§303. Repealed by Acts 2023, No. 345, §2, see Act.
Added by Acts 1979, No. 577, §1; Acts 1979, No. 791, §1, eff. July 18, 1979.
Amended by Acts 1980, No. 728, §3; Acts 1981, Ex. Sess., No. 41, §1, eff. Nov. 23, 1981;
Acts 1997, No. 658, §2; Acts 2023, No. 345, §2, see Act.