Louisiana Revised Statutes 39:99.18 – Bond and other proceeds received by the state
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Terms Used In Louisiana Revised Statutes 39:99.18
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Residual interests: means the income of the corporation, and bond proceeds, if any, not previously paid to the state, that are in excess of the corporation's requirements to pay its operating expenses, debt service, sinking fund requirements, reserve fund requirements, and any other contractual obligations to the holders or that may be incurred in connection with the issuance of the bonds, the amounts of which shall be determined by the board on or before January 1 and July 1 of each year for the next twelve months, and which, within ten days after each such determination, shall be transferred and paid by the corporation to the state treasurer for deposit in and credit to the Millennium Trust pursuant to the agreement. See Louisiana Revised Statutes 39:99.3
All proceeds and monies received by the state, whether received as purchase price for the tobacco assets sold or as the residual interests or in any other way pursuant to this Subpart, shall be deposited in and credited to the Millennium Trust except as provided in La. Rev. Stat. 39:99.12B.(3).
Acts 2001, No. 1145, §1.