Louisiana Revised Statutes 39:462.5 – A. The commission, on behalf of the state, may issue, incur, and deliver debt evidenced by bonds, notes, or other evidences of indebtedness, payable from or secured by sums deposited
Terms Used In Louisiana Revised Statutes 39:462.5
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Commission: means the State Bond Commission. See Louisiana Revised Statutes 39:462.2
- 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.
- 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
- 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.
- 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 commission, on behalf of the state, may issue, incur, and deliver debt evidenced by bonds, notes, or other evidences of indebtedness, payable from or secured by sums deposited in, credited to, or to be received by the commission in order to provide monies for deposit into the fund. The commission may undertake and issue and deliver evidences of its guarantee of the debt of other entities and may enter into and execute pledges of the sums deposited in, credited to, or to be received by the commission, including payments pursuant to letters of credit, to secure the debt or performance of obligations of a local government for a project. Bonds, notes, or other evidences of indebtedness, guarantees, and pledges issued and delivered pursuant to this authority shall constitute special and limited obligations of the commission and shall not be secured by the full faith and credit of the state or any source of revenue of the state other than those sums on deposit in or credited to the revolving loan fund, or to be received by the commission, including payments to be made pursuant to letters of credit. Debt issued pursuant to the provisions of this Chapter shall be deemed to be in compliance with the provisions of La. Const. Art. VII, § 14 .
B. In no event shall any bond, note, or other evidence of indebtedness or guarantee, pledge, or other obligation of any type whatsoever entered into by the commission constitute net state tax supported debt within the meaning of La. Const. Art. VII, § 6(F) .
C. Any withdrawal of monies from the revolving loan fund to pay debt service on any bond, note, or other evidence of indebtedness; obligation of guarantee of any debt; pledge to secure any debt; or fees and associated costs to administer a loan shall not constitute and shall not be subject to appropriation by the legislature as provided by La. Const. Art. III, § 16 .
Acts 2023, No. 424, §1, eff. July 1, 2023.