Section 10.2(A)  There shall be established in the state treasury the Coastal Protection and Restoration Fund to provide a dedicated, recurring source of revenues for the development and implementation of a program to protect and restore Louisiana’s coastal area.

Of revenues received in each fiscal year by the state as a result of the production of or exploration for minerals, hereinafter referred to as mineral revenues from severance taxes, royalty payments, bonus payments, or rentals, and excluding such revenues received by the state as a result of grants or donations when the terms or conditions thereof require otherwise, the treasurer shall make the following allocations:

(1)  To the Bond Security and Redemption Fund as provided in Article VII, Section 9(B) of this constitution.

(2)  To the political subdivisions of the state as provided in Article VII, Sections 4(D) and (E) of this constitution.

(3)  As provided by the requirements of Article VII, Sections 10-A and 10.1 of this constitution.

(B)(1)  After making the allocations provided for in Paragraph (A), the treasurer shall then deposit in and credit to the Coastal Protection and Restoration Fund any amount of mineral revenues that may be necessary to insure that a total of five million dollars is deposited into such fund for the fiscal year from this source; provided that the balance of the fund which consists of mineral revenues from severance taxes, royalty payments, bonus payments, or rentals shall not exceed an amount provided by law, but in no event shall the amount provided by law be less than five hundred million dollars.

(2)  After making the allocations and deposits provided for in Paragraphs (A) and (B)(1) of this Section, the treasurer shall deposit in and credit to the Coastal Protection and Restoration Fund as follows:

(a)  Ten million dollars of the mineral revenues in excess of six hundred million dollars which remain after the allocations provided for in Paragraph (A) are made by the treasurer.

(b)  Ten million dollars of the mineral revenues in excess of six hundred fifty million dollars which remain after the allocations provided in Paragraph (A) are made by the treasurer.

However, the balance of the fund which consists of mineral revenues from severance taxes, royalty payments, bonus payments, or rentals shall not exceed an amount provided by law, but in no event shall the amount provided by law be less than five hundred million dollars.

(C)  The money in the fund shall be invested as provided by law and any earnings realized on investment of money in the fund shall be deposited in and credited to the fund. Money from other sources, such as donations, appropriations, or dedications, may be deposited in and credited to the fund; however, the balance of the fund which consists of mineral revenues from severance taxes, royalty payments, bonus payments, or rentals shall not exceed an amount provided by law, but in no event shall the amount provided by law be less than five hundred million dollars. Any unexpended money remaining in the fund at the end of the fiscal year shall be retained in the fund.

(D)  The money in the fund may be appropriated for purposes consistent with the Coastal Protection Plan developed by the Coastal Protection and Restoration Authority, or its successor.

No appropriation shall be made from the fund inconsistent with the purposes of the plan.

(E)(1)  Subject to Article VII, Sections 9(B) and 10.1 of this constitution, in each fiscal year, the federal revenues that are received by the state generated from Outer Continental Shelf oil and gas activity and eligible, as provided by federal law, to be used for the purposes of this Paragraph shall be deposited and credited by the treasurer to the Coastal Protection and Restoration Fund.

(2)  Federal revenues credited to the Coastal Protection and Restoration Fund pursuant to this Paragraph shall be used only for the purposes of coastal protection, including conservation, coastal restoration, hurricane protection, and infrastructure directly impacted by coastal wetland losses.

(3)  The fund balance limitations provided for in Paragraph (B) of this Section relative to the mineral revenues deposited to this fund shall not apply to revenues deposited pursuant to the provisions of this Paragraph.

(F)(1)  Notwithstanding the provisions of Article VII, Section 10, Article VII, Section 10.3, Article VII, Section 10.8, or any other provision of this constitution to the contrary, if, after July 1, 2006, the state securitizes any portion of the revenues received from the Master Settlement Agreement executed November 23, 1998, and approved by Consent Decree and Final Judgment entered in the case “Richard P. Ieyoub, Attorney General, ex rel. State of Louisiana v. Philip Morris, Incorporated, et al.,” bearing Number 98-6473 on the docket of the Fourteenth Judicial District for the parish of Calcasieu, state of Louisiana, the treasurer shall transfer to the fund established in Paragraph A of this Section twenty percent in the aggregate of the revenues received as a result of the securitization occurring after July 1, 2006.

(2)  The legislature may appropriate up to twenty percent of the funds deposited into the fund pursuant to Subparagraph (1) of this Paragraph to the Barrier Island Stabilization and Preservation Fund to be used for purposes of the Louisiana Coastal Wetlands Conservation and Restoration Program.

(3)  The fund balance limitations provided for in Paragraph (B) of this Section relative to the mineral revenues deposited to this fund shall not apply to revenues deposited pursuant to the provisions of this Paragraph.

Added by Acts 1989, 2nd Ex. Sess., No. 24, §1, approved Oct. 7, 1989, eff. Nov. 7, 1989.  Amended by Acts 2003, No. 1302, §2, approved Oct. 4, 2003, eff. Nov. 6, 2003; Acts 2005, No. 513, §1; Acts 2005, 1st Ex. Sess., No. 69, §1, approved Sept. 30, 2006, eff. Oct. 31, 2006; Acts 2006, No. 854, §1, eff. Oct. 31, 2006.

NOTE:  Acts 2005, 1st Ex. Sess., No. 69, §2, repealed Acts 2005, No. 513.