RS 1207.2 - Medical and Allied Health Professional Education Scholarship and Loan Fund
A. There is hereby created, as a special fund in the state treasury, the Medical and Allied Health Professional Education Scholarship and Loan Fund, hereinafter sometimes referred to as "the fund". The Louisiana Department of Health shall deposit into the state treasury on a quarterly basis at least twenty-five percent of all monies, not to exceed two hundred thousand dollars in any fiscal year, retained by the Louisiana Department of Health from local intergovernmental transfers which are transferred for the purpose of making supplemental payments to physicians.
B.(1) Notwithstanding any other provision of law, 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 after a sufficient amount is allocated from that fund to pay all of the obligations secured by the full faith and credit of the state which become due and payable within any fiscal year, the treasurer shall deposit into the fund those monies transferred to the treasurer from the Louisiana Department of Health which were generated by the Louisiana Department of Health through the use of any Medicaid upper payment limit financing mechanism created or maintained for physicians.
(2) The monies in this fund shall be used solely for the provision of the Medical and Allied Health Professional Education and Loan Scholarship Program as provided for by this Part and only in the amounts appropriated by the legislature. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. The monies in the 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 the fund following compliance with the requirements of Article VII, Section 9(B) relative to the Bond Security and Redemption Fund.
Acts 2011, No. 150, §1, eff. June 24, 2011; Redesignated from R.S. 40:1300.8.2 by HCR 84 of 2015 R.S.