This text of Louisiana § 39:462.3 (Louisiana Rural Infrastructure Revolving Loan Program Fund) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§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 treas
Free access — add to your briefcase to read the full text and ask questions with AI
§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.