Louisiana Revised Statutes 3:322 – A. Funds received by the office of rural development under this Chapter or otherwise made available for the purpose of this Chapter shall be deposited immediately upon receipt into t
Terms Used In Louisiana Revised Statutes 3:322
- Department: means the Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Office: means the state office of rural development created by this Chapter. See Louisiana Revised Statutes 3:313
- Rural areas: means parishes within the state having less than one hundred thousand population, or municipalities within the state having less than thirty-five thousand population, and the unincorporated areas of a parish with a population of over one hundred thousand. See Louisiana Revised Statutes 3:313
A. Funds received by the office of rural development under this Chapter or otherwise made available for the purpose of this Chapter shall be deposited immediately upon receipt into the state treasury.
B. After compliance with the requirements of La. Const. Art. VII, § 9(B) , relative to the Bond Security and Redemption Fund, and prior to monies being placed in the state general fund, an amount equal to that deposited as required in Subsection A of this Section and monies appropriated by the legislature shall be credited to a special fund hereby created in the state treasury to be known as the “Rural Development Fund”. The monies in this fund shall be used solely as provided in Subsection C of this Section and only in the amounts appropriated by the legislature. All unexpended and unencumbered monies in this fund at the end of the fiscal year shall remain in the fund. The monies in this fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of these monies shall be credited to this fund, again following compliance with the requirements of La. Const. Art. VII, § 9(B) , relative to the Bond Security and Redemption Fund.
C. The monies in the Rural Development Fund shall be used by the office of rural development solely to fund projects developed and coordinated jointly by the office of rural development and the Department of Transportation and Development in rural areas of this state and for the administration and implementation of the provisions of this Chapter.
D. The Rural Development Fund is hereby authorized to receive monies from the sale of general obligation bonds of the state issued pursuant to La. Const. Art. VII, § 6 . Such proceeds are to be used for the constitutionally permissible purposes of making capital improvements, providing relief from natural catastrophes, or for the matching of federal funds received for such purposes.
Acts 2021, No. 331, §1.