Louisiana Revised Statutes Tit. 49, § 330. Mineral Income Advisory Committee; mineral revenue contracts by state treasurer

A. (1) The Mineral Income Advisory Committee is hereby created. The committee shall be composed of the following members:

(2) The chairman of the House Committee on Appropriations, or his designee, shall serve as chair of the committee for the first two years and then the chairman of the Senate Committee on Finance, or his designee, shall serve as chairman for the next two years. Subsequently, the chairmanship shall rotate between the House and Senate committees every two years.

(3) The committee shall meet at least once annually, upon the call of the chair, no later than the first day of March.

(4) The secretary of the Department of Conservation and Energy, the secretary of the Department of Revenue, the commissioner of administration, and the state treasurer shall be available to the committee for the research relative to mineral revenue contracts as provided for in this Section.

(5) No later than the first of May each year, the committee shall report any findings and recommendations to the Revenue Estimating Committee, which shall consider any recommendations at their first meeting following receipt of such report.

(1) Such action has been recommended by the Revenue Estimating Conference to the Joint Legislative Committee on the Budget.

(2) The recommendation of the Revenue Estimating Conference has been reviewed by the Joint Legislative Committee on the Budget and the committee has recommended the state treasurer enter into such contracts based on criteria established by the committee which may direct that a portion of any revenue gain associated with a contract be set aside or used to purchase risk protection to cover any risk associated with the contract.

(3) All swap agreements, forward conversion agreements, future contracts, or other contracts authorized in this Section have been selected by the state treasurer through a request for proposal or bid process and any swap bank selected is at least “AA” rated according to industry standards or rated according to other standards adopted by the Mineral Income Advisory Committee.

(4) The proposed contract has been submitted for review and comment to the attorney general who for the purposes of this Section shall be considered and shall act as legal counsel for the Joint Legislative Committee on the Budget.