§3138.8. Louisiana Jobs Now Fund

            A.(1) The Louisiana Jobs Now Fund, hereinafter referred to in this Section as the "fund", is hereby created within the state treasury as a special fund for the purpose of funding degree and certificate production in high-demand fields through programs offered by Louisiana's public postsecondary education institutions, the Louisiana State University Health Sciences Center in New Orleans, the Louisiana Health Sciences Center School of Nursing, and the Louisiana State University Health Sciences Center in Shreveport, to meet the state's current and future workforce needs.

            (2) Any money donated to the fund or appropriated to the fund by the legislature shall be deposited in the fund. Monies in the fund shall be invested in the same manner as monies in the 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.

            B.(1) Monies in the fund shall be appropriated to the Board of Regents to be distributed to and used by postsecondary education institutions in accordance with the distribution method to be developed as provided for in this Section.

            (2) The funds distributed pursuant to this Section shall be used by the institution towards degree production at four-year institutions, the Louisiana State University Health Sciences Center in New Orleans, the Louisiana Health Sciences Center School of Nursing, and the Louisiana State University Health Sciences Center in Shreveport, in science, technology, engineering, and math (STEM) programs and towards degree and certificate production at two-year, community, and technical colleges in fields required for four-star or five-star jobs as defined by the Louisiana Workforce Commission's Louisiana Star Jobs program or its successors.

            (3) Any funds distributed to an institution that remain unexpended or unobligated at the end of the fiscal year shall be available for use in the subsequent fiscal year by an institution pursuant to its implementation plan.

            (4) Funding shall be distributed by the Board of Regents to the postsecondary education management boards, the Louisiana State University Health Sciences Center in New Orleans, the Louisiana Health Sciences Center School of Nursing, and the Louisiana State University Health Sciences Center in Shreveport, only upon the certification by the postsecondary education management board and the association on behalf of the receiving institution that a match of no less than twenty-five percent of the amount of funding to be distributed has been guaranteed by a private entity. The certification shall detail the type of private match to be provided, which may include but is not limited to: cash;  in-kind donations of technology, personnel, construction materials, facility modification, or corporeal property;  internships;  scholarships;  sponsorship of staff or faculty;  or faculty endowment.

            C. The method for distribution of funds shall be as follows:

            (1)   Fifty percent of funds shall be distributed to the Louisiana State University Health Sciences Center in New Orleans, the Louisiana Health Sciences Center School of Nursing, and the Louisiana State University Health Sciences Center in Shreveport, and four-year institutions based on each institution's prior year degree production in science, technology, engineering, and math (STEM) programs.

            (2) Fifty percent of funds shall be distributed to two-year, community, and technical colleges based on each institution's prior year degree and certificate production in fields required for four-star or five-star jobs as defined by the Louisiana Workforce Commission's Louisiana Star Jobs program or its successors.

            (3) The commissioner of higher education and the presidents of the four public postsecondary education systems and the chancellors of the Louisiana State University Health Sciences Center in New Orleans, the Louisiana Health Sciences Center School of Nursing, and the Louisiana State University Health Sciences Center in Shreveport, annually shall review and approve the distribution method, the list of degree and certificate programs upon which the distribution is based, and the final distribution amounts.

            D. The Board of Regents annually shall submit a report to the Senate Committee on Education, the Senate Committee on Finance, the House Committee on Education, and the House Committee on Appropriations. The report shall include the distribution method, the list of degree and certificate programs upon which the distribution is based, the final distribution amounts, the number of jobs created as a result of the distribution, and the method and data used to determine the reported number of jobs created. Each postsecondary education management board, the Louisiana State University Health Sciences Center in New Orleans, the Louisiana Health Sciences Center School of Nursing, and the Louisiana State University Health Sciences Center in Shreveport, shall report to the Board of Regents the information necessary for the Board of Regents to satisfy the requirements of this Subsection.

            E. The fund is in addition to, and separate from, any monies appropriated or allocated to any postsecondary education management board.   Allocations from this fund shall not be included in the Board of Regents' funding formula calculation, nor shall it supplant any state general fund allocations provided to institutions.   The availability of the fund shall not in any way substitute, limit, or otherwise affect the allocation of any funds otherwise available to those institutions under state or federal laws.

            Acts 2018, No. 619, §1, eff. July 1, 2018.