§ 51:1157.2 — Preference in awarding contracts; labor

Louisiana § 51:1157.2

• Jurisdiction: Louisiana
• Title 51: Trade and Commerce

Text

§1157.2. Preference in awarding contracts; labor
A. The State Bond Commission shall not grant preliminary approval of
bonds for industrial development unless the project beneficiaries certify to the State
Bond Commission and to the secretary of Louisiana Economic Development that
Louisiana manufacturers, contractors, subcontractors, and suppliers will be given an
opportunity to bid on the project and that preference and priority will be given to
Louisiana manufacturers, contractors, subcontractors, suppliers, and labor. Prior to
final approval by the State Bond Commission, project beneficiaries shall provide a
certified list of names and business domiciles of the manufacturers, contractors,
subcontractors, and suppliers for the project. In addition, the project beneficiaries
shall submit to the State Bond Commission and the secretary of Louisiana Economic
Development a statement as to whether or not Louisiana labor will be used on the
project. If Louisiana manufacturers, contractors, subcontractors, suppliers, or labor
will not be used on the project, the project beneficiaries shall provide a written
explanation to the State Bond Commission and the secretary of Louisiana Economic
Development detailing the reasons therefor for consideration by the commission prior
to final approval.
B. The secretary of Louisiana Economic Development shall verify the
information provided by the project beneficiaries and shall certify to the State Bond
Commission whether or not the manufacturers, contractors, subcontractors, suppliers,
and labor are indeed Louisiana manufacturers, contractors, subcontractors, suppliers,
and labor. If not, the secretary shall notify the State Bond Commission of such fact.
Upon notification of such fact, the State Bond Commission may hold a public
hearing, at which time the project beneficiary may provide explanations for why the
project is not in compliance with the provisions of Subsection A of this Section.
C. If the project beneficiary is found to be not in compliance with the
provisions of Subsection A of this Section, the State Bond Commission may levy a
fine not to exceed an amount equal to the difference between the base rate on
corporate loans at large U.S. money centers or commercial banks published in the
Wall Street Journal as the prime rate on the date of the issuance of the bonds and the
actual interest rate at which the bonds were sold times the total amount of the issue.

Legislative History

Acts 1986, No. 788, §1.