§356.1. Louisiana Natural Resources Trust Authority; establishment; powers
A. The Louisiana Natural Resources Trust Authority, empowered and governed by
the State Mineral and Energy Board pursuant to R.S. 30:121 et seq., possesses the authorities
outlined in this Chapter, operating in conjunction with and through the State Bond
Commission and the Louisiana Department of Treasury as required by law. The authority
shall develop a strategic plan outlining the financial challenges facing energy and natural
resources-related projects in the state and the authority's plans and goals in addressing them.
The authority may establish an executive committee with delegated responsibilities,
excluding interest rate determinations.
B. The authority's powers shall also include the following:
Free access — add to your briefcase to read the full text and ask questions with AI
§356.1. Louisiana Natural Resources Trust Authority; establishment; powers
A. The Louisiana Natural Resources Trust Authority, empowered and governed by
the State Mineral and Energy Board pursuant to R.S. 30:121 et seq., possesses the authorities
outlined in this Chapter, operating in conjunction with and through the State Bond
Commission and the Louisiana Department of Treasury as required by law. The authority
shall develop a strategic plan outlining the financial challenges facing energy and natural
resources-related projects in the state and the authority's plans and goals in addressing them.
The authority may establish an executive committee with delegated responsibilities,
excluding interest rate determinations.
B. The authority's powers shall also include the following:
(1) Setting financial obligations of operators or applicants, consistent with the
purposes, authorities, and functions of the Department of Conservation and Energy and its
officers.
(2) Indemnifying members, officers, and employees against liabilities.
(3) Executing necessary contracts and instruments.
(4) Entering agreements for deductions, payments, and the administration of
Paragraph (5) of this Subsection.
(5) Soliciting, accepting, and expending grants.
(6) Bonding, financing, or otherwise acting as a State Energy Financing Institution
pursuant to federal law, to fund or assist in funding a plant or facility demonstrating
technological advances of new methods and procedures and prototype application for the
exploration, development, production, transportation, conversion, and use of energy
resources, or other programs which may become available under the Loan Programs Office
of the U.S. Department of Energy, or any successor office or agency.
(7) Establishing and administering mechanisms to satisfy financial security
requirements in lieu of traditional instruments, including but not limited to the collection and
management of cash payments and fees from participating operators.
C. The authority may adopt rules and regulations in accordance with the
Administrative Procedure Act for the following purposes:
(1) Establishing residency requirements, participant limits, and account accrual
limits.
(2) Regulating substitutions, transfers, or other financial instruments necessary to
meet plugging or abandonment obligations.
(3) Setting interest rates with state treasurer approval.
(4) Handling abandoned accounts as provided by law.
(5) Adopting investment guidelines.
(6) Establishing procedures and standards for worthiness of applications.
(7) Establishing fees and other provisions necessary to implement this Chapter.
D. The authority may request that the state treasurer invest funds, or any portion
thereof, under the control of the authority in accordance with the provisions of R.S. 33:2955,
including the use of the Louisiana Asset Management Pool.