Louisiana Revised Statutes 39:462.1 – A. The legislature finds that:
Terms Used In Louisiana Revised Statutes 39:462.1
- Loan: means the loan from the commission to the local government evidenced by a bond, note, or other evidence of indebtedness as provided in this Chapter. See Louisiana Revised Statutes 39:462.2
- project: means a plan or proposal approved by the respective certifying department which would require or use a local match or other required local contribution or require funding for eligible infrastructure project costs that can be provided by the commission. See Louisiana Revised Statutes 39:462.2
- Revolving loan fund: means the Louisiana Rural Infrastructure Revolving Loan Program Fund established in La. See Louisiana Revised Statutes 39:462.2
A. The legislature finds that:
(1) State government has assisted in funding many local capital outlay projects that are necessary to provide local facilities, but the choice involved with this state funding is to either reduce the amount of funding available for state programs and services or ignore the need for assistance to local governments.
(2) Even with established state and federal government programs to assist local governments with needed and necessary funding for infrastructure projects, including those for clean water and sewerage projects, local governments encounter financial challenges in meeting local contributions required by the existing state capital outlay program and other infrastructure programs.
(3) The most effective way of accomplishing the goal of providing for local infrastructure project financing and for preservation of the state fisc over the long term is to establish a low-interest-rate revolving loan fund to be available for local infrastructure projects to provide an alternative means to fund appropriate local infrastructure projects that would otherwise compete with scarce state funding for state projects.
B. To continue to provide required funding for the planning, design, construction, and maintenance connected with needed infrastructure projects, it is the purpose of this Chapter to provide for the establishment and administration of a program to make loans from a revolving loan fund to assist eligible local governments in funding eligible infrastructure projects and enter into cooperative endeavor agreements and interstate compacts as may be necessary and proper to fulfill the purposes of this Chapter.
Acts 2023, No. 424, §1, eff. July 1, 2023.