§322. Rural Development Fund
A.Funds received by the office of rural development under this Chapter or otherwise
made available for the purpose of this Chapter shall be deposited immediately upon receipt
into 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
in Subsection A of this Section and monies appropriated by the legislature shall be credited
to a special fund hereby created in the state treasury to be known as the "Rural Development
Fund". The monies in this fund shall be used solely as provided in Subsection C of this
Section and only in the amounts ap
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§322. Rural Development Fund
A. Funds received by the office of rural development under this Chapter or otherwise
made available for the purpose of this Chapter shall be deposited immediately upon receipt
into 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
in Subsection A of this Section and monies appropriated by the legislature shall be credited
to a special fund hereby created in the state treasury to be known as the "Rural Development
Fund". The monies in this fund shall be used solely as provided in 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 the 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 requirements of Article VII, Section 9(B)
of the Constitution of Louisiana, relative to the Bond Security and Redemption Fund.
C. The monies in the Rural Development Fund shall be used by the office of rural
development solely to fund projects developed and coordinated jointly by the office of rural
development and the Department of Transportation and Development in rural areas of this
state and for the administration and implementation of the provisions of this Chapter.
D. The Rural Development Fund is hereby authorized to receive monies from the
sale of general obligation bonds of the state issued pursuant to Article VII, Section 6 of the
Constitution of Louisiana. Such proceeds are to be used for the constitutionally permissible
purposes of making capital improvements, providing relief from natural catastrophes, or for
the matching of federal funds received for such purposes.