§2316. Site Investment and Infrastructure Improvement Fund
A. There is hereby established in the state treasury, as a special fund, the Site
Investment and Infrastructure Improvement Fund, hereafter referred to as the "fund".
B.
(1)After allocation of money to the Bond Security and Redemption Fund as
provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall
deposit into the fund any monies transferred or appropriated by the legislature. The treasurer
shall also deposit into the fund any grants, donations, gifts, or other monies which may
become available.
(2)Monies in the fund shall be invested in the same manner as monies in the state
general fund. Interest earned on investment of monies in the fund shall be deposited into the
state general fund. Unexpen
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§2316. Site Investment and Infrastructure Improvement Fund
A. There is hereby established in the state treasury, as a special fund, the Site
Investment and Infrastructure Improvement Fund, hereafter referred to as the "fund".
B.(1) After allocation of money to the Bond Security and Redemption Fund as
provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall
deposit into the fund any monies transferred or appropriated by the legislature. The treasurer
shall also deposit into the fund any grants, donations, gifts, or other monies which may
become available.
(2) Monies in the fund shall be invested in the same manner as monies in the state
general fund. Interest earned on investment of monies in the fund shall be deposited into the
state general fund. Unexpended and unencumbered monies in the fund at the end of the fiscal
year shall remain in the fund.
C.(1) Subject to appropriation by the legislature to Louisiana Economic
Development, hereafter referred to in this Section as the "department", monies in the fund
shall be used solely for economic development efforts, specifically for site investment and
infrastructure improvements for economic development purposes.
(2) Monies in the fund shall be utilized in accordance with the department's strategic
plan and program priorities. The department shall consider the following factors in the
allocation of monies:
(a) Demonstrated market demand in priority sectors.
(b) Performance measures.
(c) Return on investment.
(d) Impact on distressed communities.
(e) Public benefit and economic impact.
(f) Site potential.
(g) Any other factors as established by rule.
(3) Notwithstanding any provision of law to the contrary, the department shall
prioritize allocation of monies to purposes that meet any of the following criteria:
(a) Leverage public-private partnerships, private equity, or other resources.
(b) Address specific and critical needs for high-potential projects.
(c) Are a Louisiana Economic Development certified site.
(d) Any other factors as established by rule.
(4) In accordance with the Administrative Procedure Act, the secretary of Louisiana
Economic Development is hereby authorized and directed to adopt and promulgate rules
necessary for implementation and administration of the provisions of this Subsection.
Notwithstanding any provisions of law to the contrary, such rules may be promulgated by
emergency rule.