2011 Louisiana Laws
Revised Statutes
TITLE 48 — Roads, bridges and ferries
RS 48:2116 — Transportation mobility fund; preliminary project approval; project requirements; final project approval

§2116. Transportation Mobility Fund; preliminary project approval; project requirements; final project approval

A. Prior to granting preliminary approval of a proposed project, the board shall consider the following nonexclusive list of factors:

(1) The public need and anticipated benefit of the project, including factors such as the project's potential ability to accelerate needed transportation facilities or to reduce the financial burden on the Department of Transportation and Development regarding the development, operation, and maintenance of such facilities.

(2) The availability of funding from all sources.

(3) The percentage of the total project cost represented by the requested financial assistance and the ability of the applicant to provide no less than fifty percent of the total costs of the proposed project.

(4) The financial feasibility of the project.

(5) The potential social, economic, and environmental impacts of the project.

(6) The extent to which the applicant's toll collection system or plan for a toll collection system provides interoperability.

(7) The evidence of local public support for the proposed project.

B.(1) The board may grant preliminary approval of a project for financing if it finds that:

(a) The project is consistent with the Statewide Transportation Plan and, if appropriate, with the metropolitan transportation plan developed by the metropolitan planning organization.

(b) If the project is in a nonattainment area, the project will be consistent with the Statewide Transportation Improvement Program.

(c) The project will improve the efficiency of the state's transportation systems.

(d) The project will expand the availability of funding for transportation projects or reduce direct state costs.

(e) For loan financing, the applicant shows that the project and the applicant are likely to have sufficient revenues to assure repayment of the loan according to the terms of the agreement.

(f) The applicant has proven that no less than fifty percent of the total cost of the project shall be provided by the applicant.

(2) After granting preliminary approval of a project, the board is authorized to evaluate the project's limits, scope, definition, and design, identify any factors which may adversely affect the financing of the project, and negotiate the amount, type, and timing of disbursements of financial assistance. If the applicant is seeking loan financing, the board is authorized to negotiate an interest rate, a repayment schedule, collateral securing the financial assistance, and default provisions. Additionally, the board is authorized to negotiate provisions providing, if necessary, for the project's financial feasibility, for the subordination of loan financing provided under this Chapter to any other debt financing for the project, and to negotiate any and all other provisions necessary to complete an agreement for funding from the Transportation Mobility Fund.

C. Prior to receiving final approval from the board for a grant or loan of funds for the construction of a project, the applicant shall complete a study of the social, economic, and environmental impacts of the project and obtain an investment grade traffic and revenue report for the project from a qualified traffic engineer. The study required under the provisions of this Subsection shall include public involvement. However, the board may waive the requirements of this Subsection if the board, by a majority vote, determines that the study is inapplicable or unnecessary due to the nature of the requested assistance.

D. Subsequent to preliminary approval, completion of negotiations, and compliance with this Section, the board may grant final approval of a project if it determines that providing financial assistance will prudently provide for the protection of public funds and the proposed project takes all reasonable and feasible measures to avoid, minimize, or mitigate adverse environmental impacts. However, the board may make its final approval subject to the applicant fulfilling specified conditions precedent to the release of financial assistance under this Chapter, which shall also be set forth in the financial assistance agreement.

Acts 2006, No. 685, §1.