Louisiana Revised Statutes 30:301 – It is the determination of the legislature that the production of natural resources, more particularly oil and gas, will within the years to come, decline steadily, and that the reve
Terms Used In Louisiana Revised Statutes 30:301
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
CHAPTER 5. LOUISIANA INVESTMENT FUND
FOR ENHANCEMENT
§301. Policy and purpose
It is the determination of the legislature that the production of natural resources, more particularly oil and gas, will within the years to come, decline steadily, and that the revenues generated by these resources will decline as well, thereby decreasing the amount of funds which the state shall have to operate and carry out the functions which it has been assigned to accomplish. In order to preserve the benefits of these natural resources for future generations and to prevent the wasteful expenditures of revenues produced from these natural resources and to prevent in the future a situation wherein the citizens of the state will be unduly burdened with excessive taxes, it is the purpose of this Chapter, to provide the establishment of a trust fund into which the revenues from the oil and gas production of the state shall be deposited and shall remain, to be invested by the treasurer of the state as provided by law, and the interest thereon made available to the general fund to be used for the operation of the state.
NOTE: §301 as repealed if and when the proposed amendment of Article VII and La. Const. Art. IX of Louisiana contained in Act No. 199 of the 2023 Regular Session of the Legislature is adopted at a statewide election and becomes effective. See Acts 2023, No. 345.
§301. Repealed by Acts 2023, No. 345, §2, see Act.
Added by Acts 1979, No. 577, §1; Acts 1979, No. 791, §1, eff. July 18, 1979; Acts 2023, No. 345, §2, see Act.