Louisiana § RS 39:462.3 - Louisiana Rural Infrastructure Revolving Loan Program Fund

§ RS 39:462.3. Louisiana Rural Infrastructure Revolving Loan Program Fund

            A. There is hereby established a revolving loan fund in the state treasury to be known as the "Louisiana Rural Infrastructure Revolving Loan Program Fund", hereinafter referred to in this Chapter as the "fund", which shall be maintained and operated by the department. The source of monies deposited in and credited to the fund shall be all grants, gifts, and donations received by the state for the purpose of funding the fund; any money appropriated by the legislature to the fund; the repayment of principal of and interest on loans and other obligations made to local governments financed from the fund; administrative fees; and other revenues as may be provided by law.

            B. Money in the fund shall be invested by the state treasurer in the same manner as money in the state general fund. Interest earned on the investment of the money in the fund shall be credited to the fund after compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund. All unexpended and unencumbered money in the fund at the end of a fiscal year shall remain in the fund.

            C. The repayment of principal of and interest on loans and other obligations made to local governments financed from the fund shall be deposited into the fund and may be used to finance loans and obligations for projects of other local governments if reserves for expenditures for the administration of the fund that the department deems necessary and prudent are retained in the fund.

            D. The department may, by suit, action, mandamus, or other proceedings, protect and enforce any covenant relating to and the security provided in connection with any indebtedness issued pursuant to this Chapter and may, by suit, action, mandamus, or other proceedings, enforce and compel performance of all duties required to be performed by the governing body and officials of any borrower and in any proceedings authorizing the issuance of bonds or other evidences of indebtedness.

            E. The department shall promulgate rules and regulations in accordance with the Administrative Procedure Act, as are necessary, for the following:

            (1) To adopt a schedule of reasonable fees and charges to pay for the costs of administering the fund.

            (2) To respond to emergency requests and to consider loan applications for eligible emergency projects that have an anticipated useful life of less than twenty years and a value or cost of less than fifty thousand dollars.

            (3) To implement the provisions of this Chapter.

            F. The department may enter into contracts and other agreements in connection with the operation of the fund.

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