2015 Louisiana Laws
Revised Statutes
TITLE 48 - Roads, Bridges and Ferries
RS 48:84 - Louisiana State Transportation Infrastructure Bank; board of directors; powers and duties

§84. Louisiana State Transportation Infrastructure Bank; board of directors; powers and duties

            A. In addition to the powers contained elsewhere in this Subpart, the board shall have all the power necessary, useful, or appropriate to fund, operate, and administer the Bank, and to perform its other functions including, but not limited to the following:

            (1) Have perpetual succession.

            (2) To sue, only after obtaining the written approval of the attorney general, and be sued in the name of the Bank.

            (3) To adopt an official seal and alter the same at its pleasure, although the failure to affix the seal does not affect the validity of an instrument executed on behalf of the Bank.

            (4) Pursuant to a cooperative endeavor agreement, make loans to qualified borrowers to finance the eligible costs of eligible transportation projects and to acquire, hold, and sell loan obligations at prices and in a manner as the board determines advisable.

            (5) Pursuant to a cooperative endeavor agreement, provide qualified borrowers with other financial assistance necessary to defray eligible costs of an eligible transportation project.

            (6) Pursuant to a cooperative endeavor agreement, enter into contracts, arrangements, and agreements with qualified borrowers and other persons and execute and deliver all financing agreements and other instruments necessary or convenient to the exercise of the powers granted in this Subpart.

            (7) Establish rules and regulations, in accordance with the Administrative Procedure Act, R.S. 49:950 et. seq., regarding review, consideration, and approval or rejection of Bank loans or other financial assistance. Notwithstanding the provisions of R.S. 49:968(B)(15)(a), the House Committee on Transportation, Highways and Public Works and the Senate Committee on Transportation, Highways and Public Works shall exercise oversight and approval of any rules or regulations to be promulgated pursuant to this Subpart.

            (8) Establish fiscal controls and accounting procedures to ensure proper accounting and reporting by the Bank and qualified borrowers.

            (9) Enter into agreements with a department, agency, or instrumentality of the United States, this state, or another state for the purpose of providing financing for eligible transportation projects.

            (10) Procure insurance, guarantees, letters of credit, and other forms of collateral or security or credit support from any public or private entity or instrumentality of the United States for the payment of any bonds issued by it, including the power to pay premiums or fees on any insurance, guarantees, letters of credit, and other forms of collateral, security, or credit support.

            (11) Collect or authorize the trustee under any trust indenture securing any bonds to collect amounts due under any loan obligations owned by it, including taking the action required to obtain payment of any sums in default.

            (12) Unless restricted under any agreement with holders of bonds, consent to any modification with respect to the rate of interest, time, and payment of any installment of principal or interest, or any other term of any loan obligations owned by it.

            (13) Borrow money through the issuance of bonds and other forms of indebtedness as provided by this Subpart.

            (14) Expend funds to obtain accounting, management, legal, financial consulting, and other professional services necessary for the operation of the Bank.

            (15) Expend funds credited to the Bank as the board determines necessary for the costs of administering the operations of the Bank.

            (16) Establish advisory committees as the board determines appropriate, which may include individuals from the private sector with banking and financial expertise.

            (17) Collect fees and charges in connection with its loans or other financial assistance.

            (18) Apply for, receive, and accept from any source, aid, grants, or contributions of money, property, labor, or other things of value to be used to carry out the purposes of this Subpart, subject to the conditions upon which the aid, grants, or contributions are made.

            (19) Enter into contracts or agreements for the servicing and processing of financial agreements.

            (20) Accept and hold, with or without payment of interest, funds deposited with the Bank by the state, governmental units in the state, or private entities.

            (21) Do all other things necessary or convenient to exercise the powers granted or reasonably implied by this Subpart.

            B. Following the close of each state fiscal year, the board shall submit an annual report of its activities to the governor and the legislature no later than September first of each year. The Bank shall submit an annual report to any appropriate federal agency in accordance with the requirements of any federal program.

            Acts 2015, No. 431, §2.