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Louisiana Revised Statutes Tit. 51, § 2364. Louisiana Economic Development Innovation Fund

Current as of January 01, 2023 | Updated by Findlaw Staff

A. (1) There shall hereby be established within the state treasury a special fund, the Louisiana Economic Development Innovation Fund, hereinafter referred to as the “fund”. After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, all monies received for the purpose of the fund shall be deposited into the fund.

(2) Monies in the fund shall be used solely for economic development initiatives as determined appropriate by the secretary, who shall develop guidelines for objectives and performance-based criteria for fund distribution.

(3) The source of monies in the fund shall be any monies transferred or appropriated by the legislature, grants, donations, or other monies which may become available.

B. The treasurer shall invest the monies in the fund in the same manner as funds are invested in the general fund. Interest earned from the investment of monies in the fund shall be credited back to the fund. All unexpended and unencumbered money remaining in the fund at the end of the fiscal year shall be retained within the fund.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 51, § 2364. Louisiana Economic Development Innovation Fund - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-51-sect-2364/

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