Louisiana Constitution Art. 7 Sec. 10.6 – Oilfield Site Restoration Fund
Terms Used In Louisiana Constitution Art. 7 Sec. 10.6
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
Section 10.6.(A) Oilfield Site Restoration Fund. Effective January 4, 1996, there shall be established in the state treasury, as a special fund, the Oilfield Site Restoration Fund, hereinafter referred to as the restoration fund. 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 any fiscal year as required by Article VII, Section 9(B) of this constitution, the treasurer shall pay into the restoration fund all of the following:
(1) All revenue from the types and classes of fees, penalties, other revenues, or judgments associated with site cleanup activities paid into the restoration fund as provided by law on the effective date of this Section. Such revenue shall be deposited in the restoration fund even if the names of such fees, other revenues, or penalties are changed.
Any increase in the amount charged for such fees, penalties, other revenues, or judgments associated with site cleanup activities enacted by the legislature after the effective date of this Section, for the purpose of orphaned oilfield site restoration shall be irrevocably dedicated and deposited in the restoration fund.
(2) The balance remaining on January 4, 1996 in the Oilfield Site Restoration Fund established by law.
(3) All funds or revenues which may be donated expressly to the restoration fund.
(4) All site-specific trust account funds established by law.
(B) The monies in the restoration fund shall be appropriated by the legislature to the Department of Natural Resources, or its successor, and shall be used solely for the programs and purposes of oilfield site restoration as required by law.
(C) All unexpended and unencumbered monies in the restoration fund at the end of the fiscal year shall remain in the fund. The monies in the fund shall be invested by the treasurer in the manner provided by law. All interest earned on monies invested by the treasurer shall be deposited in the fund. The treasurer shall prepare and submit to the department on a quarterly basis a printed report showing the amount of money contained in the fund from all sources.
(D) The provisions of this Section shall not apply to or affect funds allocated by Article VII, Section 4, Paragraphs (D) and (E).
Added by Acts 1995, No. 1330, §1, approved Oct. 21, 1995, eff. Nov. 23, 1995.