2011 Louisiana Laws
Revised Statutes
TITLE 39 — Public finance
RS 39:100.11 — Municipalities energy expense loan fund


LA Rev Stat § 39:100.11 What's This?

SUBPART H. MUNICIPALITIES ENERGY EXPENSE LOAN FUND

§100.11. Municipalities Energy Expense Loan Fund

A. There is hereby created, as a special fund in the state treasury, the Municipalities Energy Expense Loan Fund, hereinafter "the fund", to provide loans to municipalities with populations of less than five thousand as reported in the 2000 federal decennial census, to assist such qualified municipalities in meeting extraordinary expenses and obligations related to increases in the prices of natural gas and electricity. The source of monies to be deposited into the fund shall be legislative appropriation or revenue from any other sources which may become available for the purposes of the fund.

B. The monies in the fund shall be used solely as provided by Subsection C of this Section. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. The monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund. Interest earned on the investment of monies in the fund shall be credited to the state general fund.

C. Subject to an annual appropriation by the legislature, the monies in the Municipalities Energy Expense Loan Fund shall be used solely to make loans to qualified municipalities through a revolving loan program administered by the commissioner of administration. The commissioner shall make low interest loans to assist qualified municipalities in meeting their expenses and obligations related to energy expenses. Such loans shall be repaid by the municipality within ninety days of the commencement of the loan.

Acts 2001, No. 1090, §1.

NOTE: Acts 2001, No. 1090, §2, provides that the Act shall become effective and operative upon the enactment of an appropriation which provides for the deposit of no less than two million dollars into the Municipalities Energy Expense Loan Fund.

Disclaimer: These codes may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.