17:3046.4      Louisiana Employment Opportunity Loan Fund

  A. Funds received by the guarantor in any form shall be deposited immediately upon receipt in the state treasury.

  B. After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, and prior to monies being placed in the state general fund, an amount equal to that deposited as required by Subsection A of this Section shall be credited to a special fund hereby created in the state treasury to be known as the "Louisiana Employment Opportunity Loan Fund". The monies in this fund shall be used solely as provided by Subsection C of this Section and only in the amounts appropriated by the legislature. All unexpended and unencumbered monies in this fund at the end of the fiscal year shall remain in such fund. The monies in this fund shall be invested by the state treasurer in the same manner as monies in the state general fund and interest earned on the investment of these monies shall be credited to this fund, again, following compliance with the requirement of Article VII, Section 9(B) relative to the Bond Security and Redemption Fund.

  C. The monies in the Louisiana Employment Opportunity Loan Fund shall be used solely for paying of loan defaults and the costs of administering the program.

Added by Acts 1992, No. 938, Sec. 1, eff. July 9, 1992.