Louisiana Revised Statutes 56:10.3 – Lifetime License Endowment Trust Account
Terms Used In Louisiana Revised Statutes 56:10.3
- 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.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
A.(1) There is hereby created within the Conservation Fund a special account designated as the “Lifetime License Endowment Trust Account”. Subject to the exception contained in La. Const. Art. VII, § 9(A) , all funds collected by the commission under the provisions of this Part shall be credited to the Bond Security and Redemption 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, the treasurer shall deposit, as provided in Subsection B of this Section, an amount equal to the revenues collected under the provisions of this Part. The funds credited to the Lifetime License Endowment Trust Account shall be expended as provided in this Section.
(2) At any such time as the balance in the account reaches twenty million dollars and a determination is made by the department that the account contains sufficient monies to be able to certify all lifetime license holders then those funds in excess of twenty million dollars shall be credited to the Conservation Fund.
B. Of the revenues received from the issuance of each lifetime license, one hundred dollars shall be credited to the Lifetime License Endowment Trust Account, and the remaining funds shall be credited to the Conservation Fund to be used for the purpose of administering and enforcing the provisions of this Chapter or for such other purposes as may be determined by the Department of Wildlife and Fisheries.
Acts 2021, No. 356, §3, eff. June 1, 2022.