TITLE 17. EDUCATION
CHAPTER 35. LOUISIANA CONSTITUTIONAL EDUCATION FUNDS
PART I. LOUISIANA EDUCATION QUALITY TRUST FUND, HEREINAFTER ALSO KNOWN AS THE "KEVIN P. REILLY, SR. LOUISIANA EDUCATION QUALITY TRUST FUND"
17:3801.1 Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund; history
A. The late Kevin P. Reilly, Sr. served as a member of the Louisiana House of Representatives from 1972 to 1988. During that time, Representative Reilly was chairman of the House Committee on Appropriations for fourteen years of his sixteen-year tenure in the House of Representatives.
B. In 1985, as a member of the House of Representatives, Kevin P. Reilly, Sr. promoted and provided key leadership in the formation of the Louisiana Education Quality Trust Fund, also known as the "8(g) Fund" or the "8(g) Trust Fund". This trust fund earmarks certain oil and natural gas royalties for elementary, secondary, and higher education funding purposes. The initial trust fund balance was five hundred forty-one million dollars.
C. In 2013, the Kevin P. Reilly, Sr. Louisiana Education Quality Trust Fund, has a current balance of one billion one hundred fifty million dollars, of which forty-two million four hundred thousand dollars is forecast to be available for allocation to elementary, secondary, and higher education funding purposes in Fiscal Year 2012-2013. Since inception, the trust fund has provided in excess of one billion four hundred thirty million dollars to a variety of education enhancements and opportunities for Louisiana students at every level of education, which is an increase of one hundred twelve percent over the life of the fund.
Added by Acts 2013, No. 56, § 1, eff. May 29, 2013.