2011 Louisiana Laws
TITLE 39 — Public finance
RS 39:100.36 — Louisiana economic and port development infrastructure fund
SUBPART L. LOUISIANA ECONOMIC AND PORT
DEVELOPMENT INFRASTRUCTURE FUND
§100.36. Louisiana Economic and Port Development Infrastructure Fund
A. There is hereby established in the state treasury, as a special fund, the Louisiana Economic and Port Development Infrastructure Fund, hereinafter referred to as the "fund".
B. The treasurer is authorized and directed on December 21, 2006, to deposit into the fund from the general fund the sum of three hundred million dollars. Monies in the fund shall also include any monies appropriated annually by the legislature, including federal funds, donations, gifts, or grants, and any other monies which may be provided by law. The monies in the fund shall be appropriated, administered, and used solely as provided in Subsection C of this Section and only in the amounts appropriated annually by the legislature. Provided, however, no appropriation shall be approved by the Joint Legislative Committee on the Budget except for costs associated with land acquisitions and site preparation for a major durable goods manufacturer during Fiscal Year 2006-2007. All unexpended and unencumbered monies in this fund at the end of the fiscal year shall remain in the fund. The monies in this fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of these monies shall be credited to this fund.
C. Monies in the fund shall be appropriated and used solely to induce and encourage economic or port development by funding infrastructure costs, including expenditures for acquisition, site preparation, construction, development, rehabilitation, preservation, repair, or other improvements of lands, buildings, fixtures, infrastructure, equipment, utilities, and projects, for a major durable goods manufacturer to locate in the state or for the use and benefit of a port in providing for a durable goods manufacturing facility, including taking those actions necessary to secure the location of the facility in proximity to the port.
D. Repealed by Acts 2007, No. 208, §6, eff. June 29, 2007.
Acts 2006, 2nd Ex. Sess., No. 1, §1, eff. Dec. 21, 2006; Acts 2007, No. 208, §6, eff. June 29, 2007.
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