La. Admin. Code tit. 43 § XI-321

Current through Register Vol. 50, No. 11, November 20, 2024

Section XI-321 - Establishment of the Fund

A. There is hereby established a fund in the custody of the state treasurer to be known as the Underwater Obstruction Removal Fund into which the state treasurer shall, each fiscal year, deposit the revenues received from the collection of the monies enumerated in §321 C, after those revenues have been deposited in 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 the obligations secured by the full faith and credit of the state that become due and payable within each fiscal year, the treasurer shall pay into the Underwater Obstruction Removal Trust Fund an amount equal to the revenues generated as provided for in §321. C Such funds shall constitute a special custodial trust fund which shall be administered by the secretary who shall make disbursements from the fund solely in accordance with the purposes and uses authorized by this Part.

B. The funds received shall be placed in the special trust fund in the custody of the state treasurer to be used only in accordance with this Part and shall not be placed in the general fund. The funds shall only be used for the purposes set forth in this Part and for no other governmental purposes, nor shall any portion hereof ever be available to borrow from by any branch of government. It is the intent of the legislature that this fund shall remain intact and inviolate. Any interest or earnings of the fund shall be credited only to the fund.

C. The following monies shall be placed into the Underwater Obstructions Removal Fund:

1. private contributions;

2. interest earned on the funds deposited in the fund;

3. any grants, donations, and sums allocated from any source, public or private, for the purposes of this Part.

D. The monies in the fund may be disbursed and expended pursuant to the authority and direction of the assistant secretary for the following purposes and uses:

1. any underwater obstruction identification, inventory, or removal conducted by the Office of Conservation pursuant to this Part;

2. the administration of this Part by the Office of Conservation in an amount not to exceed $200,000 in any fiscal year;

3. the payment of fees and costs associated with the administration of the fund and any contract with a private legal entity pursuant to §321;

4. any other expenditures deemed necessary by the secretary to meet the purposes of this Part.

E. The secretary may enter into one or more agreements with a private legal entity to receive and administer the Underwater Obstruction Removal Fund, which shall be an interest bearing trust fund.

F. The funds shall be a special custodial trust fund in the custody of the state treasurer which shall be administered by the secretary (or assistant secretary).

G. The monies in the fund shall be used solely for the purposes of this Part.

La. Admin. Code tit. 43, § XI-321

Promulgated by the Department of Natural Resources, Office of Conservation, LR 24:340 (February 1998).

AUTHORITY NOTE: Promulgated in accordance with R.S. 30:4(D)-4(H) and 30:101.4.