2014 Louisiana Laws
Revised Statutes
TITLE 48 - Roads, Bridges and Ferries
RS 48:2115 - Transportation Mobility Fund; financial assistance for toll projects; applications; requirements

§2115. Transportation Mobility Fund; financial assistance for toll projects; applications; requirements

A. The board of directors of the Louisiana Transportation Authority may loan or grant funds from the Transportation Mobility Fund to eligible entities for any combination of the following purposes relating to the development, acquisition, construction, maintenance, and operation of a toll facility:

(1) Development costs.

(2) Preparation of project plans, specifications, and engineering estimates.

(3) Construction, including right-of-way acquisition and utility relocation.

(4) Operation and maintenance expenses.

(5) Necessary or incidental administrative, legal, and other professional service expenses.

B. Transportation Mobility Fund loans and grants shall be awarded only to public or private entities authorized by state law to construct and maintain a toll facility, and only such entities are eligible to submit a request for financing under this Chapter.

C.(1) All applications requesting funding from the Transportation Mobility Fund shall include the following information:

(a) An overview of the project, which shall include a description of the project, the estimated total cost of the project or the preliminary cost estimate of development costs if the request is to fund development costs only, and the proposed use of requested financial assistance.

(b) A list of all proposed funding sources, including but not limited to bond revenue, any equity contribution from the applicant, and grants or loans, and the proposed use of the transportation mobility funding.

(c) The requested financing terms if the applicant is seeking loan financing.

(d) A description of the need, or the potential need if the applicant is seeking a request for financing of development costs, for the project and potential impact on traffic congestion and mobility.

(e) A statement of the amount of unencumbered or reserved cash on hand or a copy of the applicant's latest audited financial statement.

(f) The latest bond rating obtained by the applicant in cases of the applicant pledging similar sources of revenue, if applicable.

(g) A preliminary design study of the proposed toll project which includes an initial route and potential alignments, the project's logical termini and independent utility, if applicable, and the potential revisions or changes to existing state highway system facilities necessitated by the project.

(h) A description of the extent to which the applicant's toll collection system or plan for a toll collection system provides interoperability.

(i) Official written approval of the project by the governing body of each entity that may become liable for repayment of any financial assistance unless the request is to fund development costs only.

(j) A binding commitment that the environmental consequences of the proposed project will be fully considered and will fully comply with all applicable local, state, and federal environmental laws, regulations, and requirements.

(k) A binding commitment to implement all environmental permits, issues, and commitments needed to satisfy social, economic, or environmental impacts of the project.

(l) Documentary evidence, to the extent available, of community involvement in development of the proposed project and public opinion about it.

(2) The board may also request from applicants supplemental information it deems necessary in order to make a determination regarding the merit and feasibility of the project. Supplemental information may include but shall not be limited to the following:

(a) Unless the request is to fund development costs only, the applicant shall submit a financial feasibility study that includes:

(i) A project construction or asset acquisition schedule identifying the timing, amount, and source of all funds required.

(ii) An analysis of the expected financing period of the project.

(iii) A pro forma annual cash flow analysis for the expected financing period of the project showing the anticipated revenues to be used in repayment by source, the anticipated disbursements for preliminary studies and engineering, including acquisition of construction and environmental permits, right-of-way acquisition, utility adjustments, and the anticipated debt service coverage ratios for each debt obligation.

(iv) Funds expected to be used to meet the requirements of any sinking funds, reserve funds, and loan amortization payments.

(b) A description of the methods used in preparing the financial feasibility study, the assumptions contained in the study, and persons and entities responsible for the preparation of the study.

(c) If loan financing is requested by the applicant, the length of time the financial assistance will be outstanding or obligated.

(d) The anticipated interest rates for any and all debt outstanding during the term of the financial assistance.

(e) The anticipated benefits to the state and the applicant resulting from the assistance.

(f) Based upon available information and analyses, a description of how the requested assistance will, to the extent applicable, accomplish the following:

(i) Expand the availability of funding for transportation projects.

(ii) Reduce direct state costs.

(iii) Maximize private and local participation in financing projects.

(iv) Improve the efficiency of the state's transportation systems.

(3) Applications for funding shall include information concerning how the proposed project is consistent with the Statewide Transportation Plan and, if appropriate, with the metropolitan transportation plan developed by the metropolitan planning organization.

D. The board may waive any of the information or data required to be submitted with applications for funding if the board determines, by a majority vote, that the required information or data is not relevant to the proposed project or the financial assistance requested by the applicant.

Acts 2006, No. 685, §1.