Louisiana Revised Statutes 39:100.11 – Jean Boudreaux Settlement Compromise Fund; purpose
Terms Used In Louisiana Revised Statutes 39:100.11
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Docket: A log containing brief entries of court proceedings.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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.
- Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with regulations, restrictions, and limitations. See Louisiana Revised Statutes 39:2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. There is hereby created in the state treasury, as a special fund, the “Jean Boudreaux Settlement Compromise Fund”, hereinafter referred to in this Section as the “fund”.
B. Notwithstanding any provision of law to the contrary, the state treasurer is hereby authorized and directed to transfer $15,000,000 from the state general fund (direct) into the fund.
C. Monies in the fund shall be invested in the same manner as monies in the state general fund. Interest earned on investment of monies in the fund shall be credited to the fund. Unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.
D. Monies in the fund shall be used for payment of amounts due pursuant to a compromise agreement regarding the judgment captioned “Jean Boudreaux and the Victims of the Flood on April 6, 1983 on the Tangipahoa River versus the State of Louisiana, Department of Transportation, et al.”, rendered on June 10, 2005, bearing Number 2004 CA 0985, on the docket of the Court of Appeal, First Circuit, state of Louisiana. The monies payable pursuant to this Section shall be paid to the plaintiffs through Hancock Bank, as escrow agent, into escrow account number 1097000229. Payment shall be made as to this judgment only after presentation to the state treasurer of documentation required by the state treasurer. Payments out of the fund shall not be made without prior approval of the compromise agreement by the Joint Legislative Committee on the Budget.
Acts 2021, No. 114, §20, eff. June 7, 2021.