Louisiana Constitution of 1974 Art. VII, § 10.7. Oil Spill Contingency Fund

Section 10.7.(A) Oil Spill Contingency Fund. Effective January 4, 1996, there shall be established in the state treasury, as a special fund, the Oil Spill Contingency Fund, hereinafter referred to as the contingency 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 contingency fund all of the following, on the effective date of this Section:

(B) The monies in the contingency fund shall be appropriated by the legislature to be used solely for the programs and purposes of abatement and containment of actual or threatened unauthorized discharges of oil as provided by law; and for administrative expenses associated with such programs and purposes as provided by law.

(C) All unexpended and unencumbered monies in the contingency 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 balance of the fund shall not exceed thirty million dollars or otherwise as provided by law.

(D) The provisions of this Section shall not apply to or affect funds allocated by Article VII, Section 4, Paragraphs (D) and (E).