2014 Louisiana Laws
Revised Statutes
TITLE 48 - Roads, Bridges and Ferries
RS 48:2119 - Financial and credit requirements
§2119. Financial and credit requirements
All applicants receiving a loan from the Transportation Mobility Fund shall agree to the following prior to any money being released:
(1) To provide collateral and security for repayment of financial assistance and completion of the project or other protections as the board may deem necessary.
(2) To repay the financial assistance at the specified interest rate over a specified time period according to the repayment schedule.
(3) To submit the following financial and operating reports to the board within thirty days of adoption or disclosure approved by the governing body of the applicant and certified as correct by its chief administrative officer:
(a) The annual operating and capital budgets adopted by the applicant each fiscal year pursuant to a trust agreement or indenture or equivalent document securing bonds issued for a project and any amended or supplemental operating or capital budget.
(b) Annual financial information and notices of material events required to be disclosed under Rule 15c2-12 of the United States Securities and Exchange Commission (17 C.F.R. §240.15c2-12).
(4) To abide by provisions governing default.
Acts 2006, No. 685, §1.
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