Louisiana Tobacco Securitization Funds Act, Amendment 2 (September 2006)
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|Amendment 2, Primary|
Text of measure
The language that appeared on the ballot:
To be considered in the September 30, 2006 primary election. Requires twenty percent of the proceeds of tobacco securitization to be deposited in the Coastal Protection and Restoration Fund, with a portion to be used for barrier island stabilization and preservation, and repeals the Louisiana Coastal Restoration Fund. (Adds Article VII, Section 10.2(F); Repeals Article VII, Section 10.11) SENATE BILL NO. 229, REGULAR SESSION, 2006
Proposed Constitutional Amendment repeals the Louisiana Coastal Restoration Fund and requires that 20% in the aggregate of the revenues received as a result of the tobacco settlement securitization occurring after July 1, 2006 shall be transferred into the Coastal Protection and Restoration Fund.
Proposed Constitutional Amendment provides that the legislature may appropriate up to 20% of the funds deposited into the Coastal Protection and Restoration Fund to the Barrier Island Stabilization and Preservation Fund to be used for purposes of the Louisiana Coastal Wetlands Conservation and Restoration Program.
Proposed Constitutional Amendment further provides that the fund balance limitation provided in Article VII, Section 10.2(B) of this constitution, relative to the mineral revenues deposited to this fund, that requires that the fund balance shall not exceed an amount as provided by law and that the amount shall not be less than five hundred million dollars does not apply to revenues deposited into the Coastal Protection and Restoration Fund received as a result of the tobacco settlement securitization.
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