Louisiana Revised Statutes 33:1419.5 – Money from the alternative fuels loan fund may be used:
Terms Used In Louisiana Revised Statutes 33:1419.5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the Department of Natural Resources. See Louisiana Revised Statutes 33:1419.2
- fleet conversion: means both of the following:
(a) The installation of qualified clean fuel vehicle equipment in order to modify all or a portion of a local governing authority's fleet of motor vehicles which are propelled by gasoline or diesel so that the motor vehicles may be partially or wholly propelled by an alternative fuel. See Louisiana Revised Statutes 33:1419.2
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Loan: means a loan of money from the Alternative Fuel Revolving Loan Fund for eligible costs of the conversion of a fleet of motor vehicles of a local governing authority to qualified clean fuel vehicles. See Louisiana Revised Statutes 33:1419.2
- Net proceeds: means the funds raised from the sale of bonds minus issuance costs, which costs include but are not limited to the underwriting discount, printing of disclosure documents, bond certificates, and the fees of the underwriter's legal counsel, bond counsel, financial advisor, rating agency, and trustee banks. See Louisiana Revised Statutes 33:1419.2
- 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.
- political subdivision: means a parish, municipality, and any other unit of local government, including a school board and a special district, authorized by law to perform governmental functions. See Louisiana Revised Statutes 33:1418
- Program: means the Alternative Fuel Revolving Loan Fund Program as established by this Subpart. See Louisiana Revised Statutes 33:1419.2
Money from the alternative fuels loan fund may be used:
NOTE: Paragraph (1) eff. until Jan. 10, 2024. See Acts 2023, No. 150.
(1) To provide loans at or below market interest rates for a period not to exceed ten years from the completion date of the conversion of all or a portion of local governing authorities’ fleets of motor vehicles to qualified clean fuel vehicles propelled by alternative fuels which are financed by the loans. The loans shall be subject to approval by the Department of Natural Resources.
NOTE: Paragraph (1) as amended by Acts 2023, No. 150, eff. Jan. 10, 2024.
(1) To provide loans at or below market interest rates for a period not to exceed ten years from the completion date of the conversion of all or a portion of local governing authorities’ fleets of motor vehicles to qualified clean fuel vehicles propelled by alternative fuels which are financed by the loans. The loans shall be subject to approval by the Department of Energy and Natural Resources.
(2) To purchase or refinance, at an interest rate that is less than or equal to the market interest rate, debt obligations arising from the program.
(3) To guarantee or purchase insurance for debt obligations arising from the program, if the total proceeds of such debt obligation support a fleet conversion eligible for assistance under this Subpart, or if such guarantee or purchase of insurance would improve credit market access or reduce the interest rate applicable for the obligation.
NOTE: Paragraph (4) eff. until Jan. 10, 2024. See Acts 2023, No. 150.
(4) To provide a source of revenue or security for the payment of principal, interest, or premium on revenue or general obligation bonds or other evidences of indebtedness issued by the Department of Natural Resources, or any political subdivision, governmental agency, public corporation, public trust, or any other entity having the authority to issue debt for or on behalf of the state, if the net proceeds of the debt instruments are deposited in the alternative fuels loan fund, are used to finance a fleet conversion approved by the Department of Natural Resources, or are used to refund any obligation which finances a fleet conversion approved under this Subpart.
NOTE: Paragraph (4) as amended by Acts 2023, No. 150, eff. Jan. 10, 2024.
(4) To provide a source of revenue or security for the payment of principal, interest, or premium on revenue or general obligation bonds or other evidences of indebtedness issued by the Department of Energy and Natural Resources, or any political subdivision, governmental agency, public corporation, public trust, or any other entity having the authority to issue debt for or on behalf of the state, if the net proceeds of the debt instruments are deposited in the alternative fuels loan fund, are used to finance a fleet conversion approved by the Department of Energy and Natural Resources, or are used to refund any obligation which finances a fleet conversion approved under this Subpart.
Acts 2010, No. 118, §1, eff. July 1, 2010; Acts 2023, No. 150, §8, eff. Jan. 10, 2024.