CHAPTER 20-I. HEALTH CARE EMPLOYMENT REINVESTMENT

OPPORTUNITY FUND

§3050.11. Health Care Employment Reinvestment Opportunity (H.E.R.O.) Fund

            A. There is hereby established in the state treasury a special fund, to be known as the Health Care Employment Reinvestment Opportunity (H.E.R.O.) Fund, referred to in this Chapter as the "fund". The fund shall consist of monies received by legislative appropriation and from grants and donations. 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.

            B. Monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of monies in the fund shall be credited to the fund. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

            C.(1) Subject to legislative appropriation and the approval of the Board of Regents, the Louisiana Health Works Commission is hereby authorized and directed to determine how monies in the fund are allocated and expended through a multi-year plan, solely and exclusively for the following purposes and in the following priorities:

            (a) Meet the current and growing employment demands for nursing and allied health professionals by increasing the capacity of nursing and allied health training programs through supporting initiatives such as increasing faculty positions and clinical preceptors in nursing and allied health schools.

            (b) Support the nursing and allied health professions by providing incentives that financially support student financial stipends and tuition forgiveness contingent upon employment in Louisiana healthcare facilities or nursing or allied health schools.

            (c) Provide incentives for nursing and allied healthcare professionals to practice in Louisiana with an emphasis on medically underserved areas of the state.

            (2) Monies in the fund shall not be used for construction, maintenance, repair, or improvement of structures.

            D. On or before October first of each year, the Louisiana Health Works Commission shall submit a plan of fund allocation to the Board of Regents.

            E. The Board of Regents shall submit a comprehensive annual report to the Senate Committee on Finance, the House Committee on Appropriations, the Senate Committee on Health and Welfare, and the House Committee on Health and Welfare no later than sixty days after the end of the state fiscal year in which the monies were appropriated.

            F. The provisions of this Section shall terminate on July 1, 2026, or when all of the monies in the fund have been expended, whichever occurs first. Any monies remaining in the fund on July 1, 2026, shall be transferred by the state treasurer to the state general fund.

            Acts 2021, No. 109, §1; Acts 2022, No. 374, §1.