Louisiana § RS 39:462.2 - Louisiana Rural Infrastructure Revolving Loan Program; definitions

§ RS 39:462.2. Louisiana Rural Infrastructure Revolving Loan Program; definitions

            The following terms as used in this Chapter shall have the following meanings:

            (1) "Approved infrastructure program" means a program through which an eligible infrastructure project may be funded including but not limited to the following programs:

            (a) State Capital Outlay Budget Program as provided in R.S. 39:101 et seq., administered by the division of administration, office of facility planning and control.

            (b) Clean Water State Revolving Fund established pursuant to R.S. 30:2301 et seq.

            (c) Drinking Water Revolving Loan Fund established pursuant to R.S. 40:2821 et seq.

            (2) "Certifying department" means a state department or agency with authority to administer and approve an eligible infrastructure project in accordance with laws and regulations governing the respective approved infrastructure program. The State Bond Commission is the certifying department for emergency requests.

            (3) "Commission" means the State Bond Commission.

            (4) "Department" means the Department of the Treasury.

            (5) "Eligible infrastructure project" or "project" means a plan or proposal approved by the respective certifying department which would require or use a local match or other required local contribution or require funding for eligible infrastructure project costs that can be provided by the commission. "Eligible infrastructure project" includes an emergency request.

            (6) "Emergency request" means a project request submitted by a local government to a certifying department between legislative sessions that is essential to alleviate conditions that are hazardous to life, health, or property. "Emergency request" includes but is not limited to funding for a project that has an anticipated useful life of less than twenty years and a value or cost of less than fifty thousand dollars and that would not otherwise qualify for funding in an approved infrastructure program.

            (7) "Loan" means the loan from the commission to the local government evidenced by a bond, note, or other evidence of indebtedness as provided in this Chapter. The maximum amount of a loan that may be funded through the revolving loan fund is one million five hundred thousand dollars.

            (8) "Local" or "local government" for purposes of this Chapter means a political subdivision as defined in Article VI, Section 44 of the Constitution of Louisiana which has a population of less than fifteen thousand according to the latest federal decennial census. A local government shall be limited to one loan from the revolving loan fund until the loan is paid in full.

            (9) "Revolving loan fund" means the Louisiana Rural Infrastructure Revolving Loan Program Fund established in R.S. 39:462.3.

            Acts 2023, No. 424, §1, eff. July 1, 2023.