2014 Louisiana Laws
Revised Statutes
TITLE 48 - Roads, Bridges and Ferries
RS 48:2117 - Obligations of applicants for transportation mobility funds

§2117. Obligations of applicants for transportation mobility funds

A. The board shall negotiate the terms of agreements deemed necessary to comply with any requirements of preliminary approval, to protect the public's safety, and to prudently provide for the protection of public funds while furthering the purposes of this Chapter.

B.(1) The applicant shall comply with applicable state and federal law and with all terms and conditions of any agreements. If approval or concurrence of the Federal Highway Administration, the Federal Transit Administration, or any other federal agency is required, the board may require that the applicant seek approval or concurrence through the Department of Transportation and Development. Upon request and, to the extent applicable and permitted by federal law, after reasonable advance notice and opportunity to cure from the department, the applicant shall be required to reimburse the department for any federal funds that are applied by the department to pay such costs.

(2) The applicant shall maintain its books and records in accordance with generally accepted accounting principles in the United States, as promulgated by the Governmental Accounting Standards Board, the Financial Accounting Standards Board, or pursuant to applicable federal or state laws or regulations, and with all other applicable federal and state requirements, subject to any exceptions required by existing bond indentures of the applicant that are applicable to the project, and any exceptions the applicant has historically implemented that have been acceptable to the public debt markets.

(3) The applicant shall, at his cost, have a full audit performed annually of its books and records by an independent certified public accountant selected by the applicant and acceptable to the board. The audit must be conducted in accordance with generally accepted auditing standards and with all other applicable federal and state requirements. The applicant shall cause the auditor to provide a full copy of the audit report and any other management letters or auditor's comments directly to the board within a reasonable period of time after they have been provided to the governing body of the applicant.

(4) The applicant shall retain all work papers and reports for a minimum of four years from the date of maturity of the bonds, notes, or other evidences of indebtedness, unless the board notifies the applicant in writing to extend the retention period. Additionally, upon written request from the board, audit work papers shall be made available to the board within thirty days of request at any time during the retention period.

(5) The applicant shall retain all original project files, records, accounts, and supporting documents until project completion or until all financial assistance under this Chapter has been repaid, if applicable, or for the period of time required by applicable federal and state law unless relieved of this requirement by the board in writing.

Acts 2006, No. 685, §1.