§ 48:77.1 — Megaprojects Leverage Fund

Louisiana § 48:77.1

• Jurisdiction: Louisiana
• Title 48: Roads, Bridges and Ferries

Text

§77.1. Megaprojects Leverage Fund
A. There is hereby created in the state treasury a special fund to be designated and
hereafter referred to as the Megaprojects Leverage Fund, hereinafter referred to as the "fund".
The state treasurer shall deposit into the fund seventy-five percent of that portion of the
avails of the taxes imposed by Chapters 2, 2-A, and 2-B of Subtitle II of Title 47 of the
Louisiana Revised Statutes of 1950, from the sale, use, or lease of motor vehicles that are
taxable pursuant to Chapters 2, 2-A, and 2-B of Subtitle II of Title 47 of the Louisiana
Revised Statutes of 1950, provided for in R.S. 48:77(A), provided however that the total
deposits into the fund from these avails shall not exceed one hundred sixty million dollars
in any fiscal year. Once all projects described in R.S. 48:77(C)(1) have either been completed
and issued final acceptance or a request not to proceed with the project has been approved
by the Senate Committee on Transportation, Highways and Public Works and the House
Committee on Transportation, Highways and Public Works as provided in this Section, and
any outstanding debt issued under R.S. 48:77.2 has been either repaid or defeased, there shall
be no further deposits into the fund.
(1)(a) There is hereby created as a special account in the fund to be designated and
referred to in this Section as the I-10 Calcasieu River Bridge and I-10 Improvements
Account. The source of monies in this account shall be twenty-five percent of the monies
deposited in the fund each fiscal year, any monies appropriated to the account by the
legislature, including federal funds, donations, gifts, or grants, and any other monies as may
be provided by law. Except as provided in Subparagraph (b) of this Paragraph, once the
project described in R.S. 48:77(C)(1)(a) has been completed and issued final acceptance, and
any outstanding debt related to that project issued under R.S. 48:77.2 has been either repaid
or defeased, the I-10 Calcasieu River Bridge and I-10 Improvements Account shall receive
no further deposits, and monies that would have been deposited into that account shall be
divided equally between accounts within the fund that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions
of this Section, the secretary of the Department of Transportation and Development
determines that it is not in the best interests of the state to proceed with the project described
in R.S. 48:77(C)(1)(a), he shall submit a request for approval not to proceed with the project
to the Senate Committee on Transportation, Highways and Public Works and the House
Committee on Transportation, Highways and Public Works. Upon approval by both
committees of the secretary's request not to proceed with the project, deposits into the
account shall cease and any monies that would have been deposited into the account shall be
divided equally between accounts within the fund that are still eligible to receive deposits.
Within thirty days of approval by the committees as provided in this Subparagraph, the state
treasurer shall also divide equally and transfer into accounts within the fund that are still
eligible to receive deposits the unexpended and unencumbered balance in the account created
pursuant to this Paragraph.
(2)(a) There is hereby created as a special account in the fund to be designated and
referred to in this Section as the I-49 South Leverage Fund Account. The source of monies
in this account shall be twenty-five percent of the monies deposited in the fund each fiscal
year, any monies appropriated to the account by the legislature, including federal funds,
donations, gifts, or grants, and any other monies as may be provided by law. Except as
provided in Subparagraph (b) of this Paragraph, once the project described in R.S.
48:77(C)(1)(b) has been completed and issued final acceptance, and any outstanding debt
related to that project issued under R.S. 48:77.2 has been either repaid or defeased, the I-49
South Leverage Fund Account shall receive no further deposits, and monies that would have
been deposited into that account shall be divided equally between accounts within the fund
that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions
of this Section, the secretary of the Department of Transportation and Development
determines that it is not in the best interests of the state to proceed with the project described
in R.S. 48:77(C)(1)(b), he shall submit a request for approval not to proceed with the project
to the Senate Committee on Transportation, Highways and Public Works and the House
Committee on Transportation, Highways and Public Works. Upon approval by both
committees of the secretary's request not to proceed with the project, deposits into the
account shall cease and any monies that would have been deposited into the account shall be
divided equally between accounts within the fund that are still eligible to receive deposits.
Within thirty days of approval by the committees as provided in this Subparagraph, the state
treasurer shall also divide equally and transfer into accounts within the fund that are still
eligible to receive deposits the unexpended and unencumbered balance in the account created
pursuant to this Paragraph.
(3)(a) There is hereby created as a special account in the fund to be designated and
referred to in this Section as the Mississippi River Bridge at Baton Rouge and Connections
Account. The source of monies in this account shall be twenty-five percent of the monies
deposited in the fund each fiscal year, any monies appropriated to the account by the
legislature, including federal funds, donations, gifts, or grants, and any other monies as may
be provided by law. Except as provided in Subparagraph (b) of this Paragraph, once the
project described in R.S. 48:77(C)(1)(c) and the LA Highway 1 and LA Highway 30
connectors have all been completed and issued final acceptance, and any outstanding debt
related to those projects issued under R.S. 48:77.2 has been either repaid or defeased, the
Mississippi River Bridge at Baton Rouge and Connections Account shall receive no further
deposits, and monies that would have been deposited into that account shall be divided
equally between accounts within the fund that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions
of this Section, the secretary of the Department of Transportation and Development
determines that it is not in the best interests of the state to proceed with the project described
in R.S. 48:77(C)(1)(c), he shall submit a request for approval not to proceed with the project
to the Senate Committee on Transportation, Highways and Public Works and the House
Committee on Transportation, Highways and Public Works. Upon approval by both
committees of the secretary's request not to proceed with the project, deposits into the
account shall cease and any monies that would have been deposited into the account shall be
divided equally between accounts within the fund that are still eligible to receive deposits.
Within thirty days of approval by the committees as provided in this Subparagraph, the state
treasurer shall also divide equally and transfer into accounts within the fund that are still
eligible to receive deposits the unexpended and unencumbered balance in the account created
pursuant to this Paragraph.
(4)(a) There is hereby created as a special account in the fund to be designated and
referred to in this Section as the I-49 North Leverage Fund Account. The source of monies
in this account shall be twenty-five percent of the monies deposited in the fund each fiscal
year, any monies appropriated to the account by the legislature, including federal funds,
donations, gifts, or grants, and any other monies as may be provided by law. Except as
provided in Subparagraph (b) of this Paragraph, once the project described in R.S.
48:77(C)(1)(d) has been completed and issued final acceptance, and any outstanding debt
related to that project issued under R.S. 48:77.2 has been either repaid or defeased, the I-49
North Leverage Fund Account shall receive no further deposits, and monies that would have
been deposited into that account shall be divided equally between accounts within the fund
that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions
of this Section, the secretary of the Department of Transportation and Development
determines that it is not in the best interests of the state to proceed with the project described
in R.S. 48:77(C)(1)(d), he shall submit a request for approval not to proceed with the project
to the Senate Committee on Transportation, Highways and Public Works and the House
Committee on Transportation, Highways and Public Works. Upon approval by both
committees of the secretary's request not to proceed with the project, deposits into the
account shall cease and any monies that would have been deposited into the account shall be
divided equally between accounts within the fund that are still eligible to receive deposits.
Within thirty days of approval by the committees as provided in this Subparagraph, the state
treasurer shall also divide equally and transfer into accounts within the fund that are still
eligible to receive deposits the unexpended and unencumbered balance in the account created
pursuant to this Paragraph.
B. Monies in the fund shall be invested by the treasurer in a separate portfolio in the
same securities as allowed for the state general fund. All investment earnings on this
portfolio shall be deposited into the fund. All unexpended and unencumbered monies
remaining in the fund at the end of each fiscal year shall remain in the fund. The amounts
in the fund shall be available for appropriation to pay expenses incurred for custody,
investment, and disbursement costs directly attributable to the investment of the fund.
C. Monies in the fund shall be appropriated and expended only in accordance with
this Subsection:
(1) For transfer to the State Bond Commission, hereinafter referred to as the
"commission", to pay the costs of the principal, premium, and interest of motor vehicle sales
and use tax bonds issued by the commission pursuant to R.S. 48:77.2 as the bonds become
due and payable; to fund such reserves for contingencies, costs, and expenses related to
bonds issued pursuant to R.S. 48:77.2, as may be required by the resolution authorizing the
issuance of such bonds; and to pay amounts of ongoing expenses associated with the
administration, maintenance, or evaluation of bonds issued pursuant to R.S. 48:77.2, as
follows:
(a) Funds from the I-10 Calcasieu River Bridge and I-10 Improvements Account
shall be used exclusively for costs of debt, the proceeds of which are to be used for the
planning, preconstruction, construction, and procurement activities related to the project
described in R.S. 48:77(C)(1)(a).
(b) Funds from the I-49 South Leverage Fund Account shall be used exclusively for
costs of debt, the proceeds of which are to be used for the planning, preconstruction,
construction, and procurement activities related to the project described in R.S.
48:77(C)(1)(b).
(c) Funds from the Mississippi River Bridge at Baton Rouge and Connections
Account shall be used exclusively for costs of debt, the proceeds of which are to be used for
the planning, preconstruction, construction, and procurement activities related to the LA
Highway 1 and LA Highway 30 connectors and the project described in R.S. 48:77(C)(1)(c).
(d) Funds from the I-49 North Leverage Fund Account shall be used exclusively for
costs of debt, the proceeds of which are to be used for the planning, preconstruction,
construction, and procurement activities related to the project described in R.S.
48:77(C)(1)(d).
(2) For transfer to the Construction Subfund of the Transportation Trust Fund:
(a) Funds from the I-10 Calcasieu River Bridge and I-10 Improvements Account
shall be used exclusively for costs of planning, preconstruction, construction, and
procurement activities related to the project described in R.S. 48:77(C)(1)(a).
(b) Funds from the I-49 South Leverage Fund Account shall be used exclusively for
costs of planning, preconstruction, construction, and procurement activities related to the
project described in R.S. 48:77(C)(1)(b).
(c) Funds from the Mississippi River Bridge at Baton Rouge and Connections
Account shall be used exclusively for costs of planning, preconstruction, construction, and
procurement activities related to the LA Highway 1 and LA Highway 30 connectors and the
project described in R.S. 48:77(C)(1)(c).
(d) Funds from the I-49 North Leverage Fund Account shall be used exclusively for
costs of planning, preconstruction, construction, and procurement activities related to the
project described in R.S. 48:77(C)(1)(d).
D. Prior to the Department of Transportation and Development entering into a
public-private partnership with respect to a megaproject as provided in this Section, the
department shall obtain approval from the Joint Legislative Committee on the Budget. This
requirement shall not apply to any public-private partnership for which the solicitation
process began prior to August 1, 2022.

Legislative History

Acts 2022, No. 505, §2, eff. June 16, 2022; Acts 2023, No. 327, §1, eff. June 12, 2023.