Terms Used In Louisiana Revised Statutes 33:1419.6

  • Administrative costs: means costs incurred by the Department of Natural Resources in the administration of the program, including but not limited to:

    NOTE: Paragraph (1)(intro. See Louisiana Revised Statutes 33:1419.2

  • Department: means the Department of Natural Resources. See Louisiana Revised Statutes 33:1419.2
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Federal assistance under a state transportation plan: means federal matching funds or other federal money which may be available under a State Implementation Plan (SIP), maintenance plan, or other transportation plan of the Department of Transportation and Development, a Metropolitan Planning Organization, or other state entity pursuant to the federal Congestion Mitigation and Air Quality (CMAQ) Improvement Program funding which provides funds for public fleet conversions to cleaner fuels. 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
  • Local governing authority: means the governing authority of a parish, municipality, school board, port or port harbor and terminal district, levee district, or any other political subdivision of the state, and the governing authorities of their agencies, offices, or instrumentalities. See Louisiana Revised Statutes 33:1419.2
  • Program: means the Alternative Fuel Revolving Loan Fund Program as established by this Subpart. See Louisiana Revised Statutes 33:1419.2

NOTE: Subsections A and B eff. until Jan. 10, 2024. See Acts 2023, No. 150.

            A. Upon approval of an application by the Department of Natural Resources, the department may lend amounts on deposit in the alternative fuels loan fund to a local governing authority to finance all or a portion of the cost of a fleet conversion. The loans are subject to the borrower’s compliance with the conditions of the loan, as well as any applicable rules or regulations promulgated by the department.

            B. Prior to making a loan, the Department of Natural Resources shall determine that the clean fuel vehicles will be fully insured and that the local governing authority has the ability to repay the loan and may require a dedicated source of repayment and impose additional requirements as the department deems necessary.

NOTE: Subsections A and B as amended by Acts 2023, No. 150, eff. Jan. 10, 2024.

            A. Upon approval of an application by the Department of Energy and Natural Resources, the department may lend amounts on deposit in the alternative fuels loan fund to a local governing authority to finance all or a portion of the cost of a fleet conversion. The loans are subject to the borrower’s compliance with the conditions of the loan, as well as any applicable rules or regulations promulgated by the department.

            B. Prior to making a loan, the Department of Energy and Natural Resources shall determine that the clean fuel vehicles will be fully insured and that the local governing authority has the ability to repay the loan and may require a dedicated source of repayment and impose additional requirements as the department deems necessary.

            C. Each loan, unless prepaid, shall be payable subject to the loan agreement, with principal and interest payments commencing not later than one year after the completion date of the project for which the loan was made, and each loan shall be fully amortized not later than ten years after the completion date.

NOTE: Subsections D and E eff. until Jan. 10, 2024. See Acts 2023, No. 150.

            D.(1) The interest rate on each loan shall be established by the secretary of the Department of Natural Resources, subject to any limitations provided for federal assistance under a state transportation plan or other limitations required for the use of other federal funds by applicable federal law. Criteria to be considered in the development of the interest rate shall include but are not limited to administrative costs of the program, program priorities established by the department, the creditworthiness of the applicant, the cost of bonds issued to provide loan funding, and the long-term viability of the alternative fuels loan fund.

            (2) The interest rate for a loan may include any additional rate that the Department of Natural Resources considers reasonable or necessary to provide a reserve for the repayment of the loan. The additional rate may be fixed or variable, may be calculated according to a formula, and may differ from the rate established for any other loans.

            E. Each loan shall be evidenced by a bond, note, or other evidence of indebtedness of the borrower, in a form prescribed or approved by the Department of Natural Resources. The evidences of indebtedness shall be consistent with the provisions of this Subpart and, if federal funds are used, consistent with the terms of the appropriate federal act and are not required to be identical for all loans.

NOTE: Subsections D and E as amended by Acts 2023, No. 150, eff. Jan. 10, 2024.

            D.(1) The interest rate on each loan shall be established by the secretary of the Department of Energy and Natural Resources, subject to any limitations provided for federal assistance under a state transportation plan or other limitations required for the use of other federal funds by applicable federal law. Criteria to be considered in the development of the interest rate shall include but are not limited to administrative costs of the program, program priorities established by the department, the creditworthiness of the applicant, the cost of bonds issued to provide loan funding, and the long-term viability of the alternative fuels loan fund.

            (2) The interest rate for a loan may include any additional rate that the Department of Energy and Natural Resources considers reasonable or necessary to provide a reserve for the repayment of the loan. The additional rate may be fixed or variable, may be calculated according to a formula, and may differ from the rate established for any other loans.

            E. Each loan shall be evidenced by a bond, note, or other evidence of indebtedness of the borrower, in a form prescribed or approved by the Department of Energy and Natural Resources. The evidences of indebtedness shall be consistent with the provisions of this Subpart and, if federal funds are used, consistent with the terms of the appropriate federal act and are not required to be identical for all loans.

            Acts 2010, No. 118, §1, eff. July 1, 2010; Acts 2023, No. 150, §8, eff. Jan. 10, 2024.

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