Louisiana Revised Statutes 49:308.1 – Comprehensive Capital Outlay Budget Acts Interest Earnings Account
Terms Used In Louisiana Revised Statutes 49:308.1
- 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
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A.(1) There is hereby created an account in the state treasury to be known as the Comprehensive Capital Outlay Budget Acts Interest Earnings Account, hereafter referred to as the “Account”.
(2) As of April 1, 1987, the balance of the account in excess of two million dollars shall be credited to the state general fund.
(3) After July 1, 1983, interest earned from the investment of general fund monies appropriated in any capital outlay act, and from the investment of general obligation bond or note proceeds appropriated in any capital outlay act, and from the investment of monies in the account shall be credited to the state general fund; however, from April 1, 1987, to July 1, 1987, should the balance in the account fall below two million dollars due to allocations for cost over-runs, all interest earned shall be credited to the account until a balance of two million dollars is restored. After July 1, 1987, should the balance in the account fall below five million dollars due to allocations for cost over-runs, all interest earned shall be credited to the account until a balance of five million dollars is restored.
B. If it is determined by the agency, political subdivision, board, or director of the facility planning and control section of the office of the governor that the funds appropriated in any capital outlay budget act are not sufficient to complete the projects contained therein through unavoidable deficiencies in appropriation, including administrative and legal requirements, the commissioner of administration, subject to approval of the Joint Legislative Committee on the Budget, may direct the use of monies in the fund, not to exceed an aggregate of fifteen million dollars in any one fiscal year, for the purpose of completing the projects contained in any capital outlay budget act and such money shall be deemed appropriated in specific amounts necessary for such purpose; provided that such appropriations for administrative purposes shall be processed using existing procedures.
C. All appropriations made pursuant to this Section are made as additions to funds for previously authorized projects, and for accounting purposes shall be included in the account of the previously authorized project.
Added by Acts 1983, No. 307, §1; Acts 1986, 1st Ex. Sess., No. 23, §1, eff. Dec. 24, 1986.
{{NOTE: SEE ACTS 1986, 1ST EX. SESS., NO. 23, §2.}}