Louisiana Revised Statutes 3:4685 – Petroleum Products Fund; disposition of funds
Terms Used In Louisiana Revised Statutes 3:4685
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Commissioner: means the commissioner of the Department of Agriculture and Forestry, or his duly authorized representatives acting at his discretion. See Louisiana Revised Statutes 3:4602
- Department: means the Louisiana Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:4602
- 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.
A. All assessments, fees, penalties, and all other funds received under the provisions of this Subpart shall be disposed of in accordance with the following provisions:
(1) All assessments, fees, penalties, and all other funds received by the secretary of the Department of Revenue, the commissioner or the department under the provisions of this Subpart, subject to exceptions contained in La. Const. Art. VII, § 9 , shall be deposited immediately upon receipt into the state treasury and shall be credited to the Bond Security and Redemption Fund.
(2) 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, the treasurer prior to placing the remaining funds into the state general fund, shall pay an amount equal to the total amount of funds paid into the state treasury by the secretary of the Department of Revenue, the commissioner or the department under the provisions of this Subpart into a special fund which is hereby created in the state treasury and designated as the Petroleum Products Fund.
(3) All unexpended and unencumbered monies in the fund at the end of each fiscal year shall remain in the Petroleum Products Fund. The monies in the fund shall be invested by the treasurer in the same manner as monies in the state general fund. All interest earned on monies from the fund invested by the state treasurer shall be deposited in the fund.
B. Subject to appropriation, the monies in the fund shall be used for the following purposes:
(1) To provide for the expenses of the program established by this Subpart as determined by the commissioner.
(2) To fund any and all costs related to the inspection, regulation, and analysis of petroleum products, any commercial weighing or measuring device used in the distribution, handling or sale of petroleum products and enforcement of this Chapter.
Acts 2003, No. 139, §1, eff. May 28, 2003.