Louisiana § RS 17:408.1 - Caddo Educational Excellence Fund; creation; investment; withdrawal

§ RS 17:408.1. Caddo Educational Excellence Fund; creation; investment; withdrawal

            A.(1) There is hereby established the Caddo Educational Excellence Fund, hereafter in this Section called the "fund", which shall be a permanent trust fund in the official repository of the Caddo Parish School Board, held and invested on behalf of the Caddo Parish School Board. After the end of each fiscal year, the school board may withdraw money from the fund as provided in this Section on its own warrant. All money thus withdrawn shall be expended only as authorized in Subsection C of this Section.

            (2) Withdrawals from the fund shall be limited as follows:

            (a) In the fiscal year following a year that the earnings of the fund were greater than five percent, withdrawals from the fund shall not exceed five percent of the fund.

            (b) In the fiscal year following a year that the earnings of the fund were between three and five percent, withdrawals from the fund shall not exceed the rate of earnings from the previous year.

            (c) In the fiscal year following a year that the earnings of the fund were less than three percent, withdrawals from the fund shall not exceed three percent of the fund.

            B. Funds collected pursuant to R.S. 27:93(A) and allocated pursuant to R.S. 27:93(A)(2)(d) shall be periodically transferred to the official repository of the Caddo Parish School Board. The funds shall be invested in the same manner as post-employment benefits trusts are permitted to be invested pursuant to R.S. 33:5162. Earnings on principal may also be invested. However, the amount of earnings shall be kept account of separately from fund principal and shall be available for the school board to withdraw as provided in this Section.

            C. All money withdrawn from the fund shall be expended by the Caddo Parish School Board solely for the purposes of instructional enhancement. Such enhancement may include: provision of materials and supplies, including computers and other technological upgrades; training for students, faculty, and administrators on the use of materials; professional development of teachers; establishment of exemplary programs of instruction. Such enhancement may not include costs of additional administrators, increases in salaries or benefits for employees, or maintenance or custodial costs. Audits of the Caddo Parish School Board by the legislative auditor shall specifically address compliance with the provisions of this Section.

            Acts 1995, No. 743, §2; Acts 2021, No. 295, §1, eff. June 14, 2021.