2023 Louisiana Laws › Revised Statutes › Title 48 - Roads, Bridges and Ferries › §48:77.1. Megaprojects Leverage Fund

RS 48:77.1 - Megaprojects Leverage Fund
A. There is hereby created in the state treasury a special fund to be designated and hereafter referred to as the Megaprojects Leverage Fund, hereinafter referred to as the "fund". The state treasurer shall deposit into the fund seventy-five percent of that portion of the avails of the taxes imposed by Chapters 2, 2-A, and 2-B of Subtitle II of Title 47 of the Louisiana Revised Statutes of 1950, from the sale, use, or lease of motor vehicles that are taxable pursuant to Chapters 2, 2-A, and 2-B of Subtitle II of Title 47 of the Louisiana Revised Statutes of 1950, provided for in R.S. 48:77(A), provided however that the total deposits into the fund from these avails shall not exceed one hundred sixty million dollars in any fiscal year. Once all projects described in R.S. 48:77(C)(1) have either been completed and issued final acceptance or a request not to proceed with the project has been approved by the Senate Committee on Transportation, Highways and Public Works and the House Committee on Transportation, Highways and Public Works as provided in this Section, and any outstanding debt issued under R.S. 48:77.2 has been either repaid or defeased, there shall be no further deposits into the fund.
(1)(a) There is hereby created as a special account in the fund to be designated and referred to in this Section as the I-10 Calcasieu River Bridge and I-10 Improvements Account. The source of monies in this account shall be twenty-five percent of the monies deposited in the fund each fiscal year, any monies appropriated to the account by the legislature, including federal funds, donations, gifts, or grants, and any other monies as may be provided by law. Except as provided in Subparagraph (b) of this Paragraph, once the project described in R.S. 48:77(C)(1)(a) has been completed and issued final acceptance, and any outstanding debt related to that project issued under R.S. 48:77.2 has been either repaid or defeased, the I-10 Calcasieu River Bridge and I-10 Improvements Account shall receive no further deposits, and monies that would have been deposited into that account shall be divided equally between accounts within the fund that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions of this Section, the secretary of the Department of Transportation and Development determines that it is not in the best interests of the state to proceed with the project described in R.S. 48:77(C)(1)(a), he shall submit a request for approval not to proceed with the project to the Senate Committee on Transportation, Highways and Public Works and the House Committee on Transportation, Highways and Public Works. Upon approval by both committees of the secretary's request not to proceed with the project, deposits into the account shall cease and any monies that would have been deposited into the account shall be divided equally between accounts within the fund that are still eligible to receive deposits. Within thirty days of approval by the committees as provided in this Subparagraph, the state treasurer shall also divide equally and transfer into accounts within the fund that are still eligible to receive deposits the unexpended and unencumbered balance in the account created pursuant to this Paragraph.
(2)(a) There is hereby created as a special account in the fund to be designated and referred to in this Section as the I-49 South Leverage Fund Account. The source of monies in this account shall be twenty-five percent of the monies deposited in the fund each fiscal year, any monies appropriated to the account by the legislature, including federal funds, donations, gifts, or grants, and any other monies as may be provided by law. Except as provided in Subparagraph (b) of this Paragraph, once the project described in R.S. 48:77(C)(1)(b) has been completed and issued final acceptance, and any outstanding debt related to that project issued under R.S. 48:77.2 has been either repaid or defeased, the I-49 South Leverage Fund Account shall receive no further deposits, and monies that would have been deposited into that account shall be divided equally between accounts within the fund that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions of this Section, the secretary of the Department of Transportation and Development determines that it is not in the best interests of the state to proceed with the project described in R.S. 48:77(C)(1)(b), he shall submit a request for approval not to proceed with the project to the Senate Committee on Transportation, Highways and Public Works and the House Committee on Transportation, Highways and Public Works. Upon approval by both committees of the secretary's request not to proceed with the project, deposits into the account shall cease and any monies that would have been deposited into the account shall be divided equally between accounts within the fund that are still eligible to receive deposits. Within thirty days of approval by the committees as provided in this Subparagraph, the state treasurer shall also divide equally and transfer into accounts within the fund that are still eligible to receive deposits the unexpended and unencumbered balance in the account created pursuant to this Paragraph.
(3)(a) There is hereby created as a special account in the fund to be designated and referred to in this Section as the Mississippi River Bridge at Baton Rouge and Connections Account. The source of monies in this account shall be twenty-five percent of the monies deposited in the fund each fiscal year, any monies appropriated to the account by the legislature, including federal funds, donations, gifts, or grants, and any other monies as may be provided by law. Except as provided in Subparagraph (b) of this Paragraph, once the project described in R.S. 48:77(C)(1)(c) and the LA Highway 1 and LA Highway 30 connectors have all been completed and issued final acceptance, and any outstanding debt related to those projects issued under R.S. 48:77.2 has been either repaid or defeased, the Mississippi River Bridge at Baton Rouge and Connections Account shall receive no further deposits, and monies that would have been deposited into that account shall be divided equally between accounts within the fund that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions of this Section, the secretary of the Department of Transportation and Development determines that it is not in the best interests of the state to proceed with the project described in R.S. 48:77(C)(1)(c), he shall submit a request for approval not to proceed with the project to the Senate Committee on Transportation, Highways and Public Works and the House Committee on Transportation, Highways and Public Works. Upon approval by both committees of the secretary's request not to proceed with the project, deposits into the account shall cease and any monies that would have been deposited into the account shall be divided equally between accounts within the fund that are still eligible to receive deposits. Within thirty days of approval by the committees as provided in this Subparagraph, the state treasurer shall also divide equally and transfer into accounts within the fund that are still eligible to receive deposits the unexpended and unencumbered balance in the account created pursuant to this Paragraph.
(4)(a) There is hereby created as a special account in the fund to be designated and referred to in this Section as the I-49 North Leverage Fund Account. The source of monies in this account shall be twenty-five percent of the monies deposited in the fund each fiscal year, any monies appropriated to the account by the legislature, including federal funds, donations, gifts, or grants, and any other monies as may be provided by law. Except as provided in Subparagraph (b) of this Paragraph, once the project described in R.S. 48:77(C)(1)(d) has been completed and issued final acceptance, and any outstanding debt related to that project issued under R.S. 48:77.2 has been either repaid or defeased, the I-49 North Leverage Fund Account shall receive no further deposits, and monies that would have been deposited into that account shall be divided equally between accounts within the fund that are still eligible to receive deposits.
(b) If, prior to the issuance of any bonds for such project pursuant to the provisions of this Section, the secretary of the Department of Transportation and Development determines that it is not in the best interests of the state to proceed with the project described in R.S. 48:77(C)(1)(d), he shall submit a request for approval not to proceed with the project to the Senate Committee on Transportation, Highways and Public Works and the House Committee on Transportation, Highways and Public Works. Upon approval by both committees of the secretary's request not to proceed with the project, deposits into the account shall cease and any monies that would have been deposited into the account shall be divided equally between accounts within the fund that are still eligible to receive deposits. Within thirty days of approval by the committees as provided in this Subparagraph, the state treasurer shall also divide equally and transfer into accounts within the fund that are still eligible to receive deposits the unexpended and unencumbered balance in the account created pursuant to this Paragraph.
B. Monies in the fund shall be invested by the treasurer in a separate portfolio in the same securities as allowed for the state general fund. All investment earnings on this portfolio shall be deposited into the fund. All unexpended and unencumbered monies remaining in the fund at the end of each fiscal year shall remain in the fund. The amounts in the fund shall be available for appropriation to pay expenses incurred for custody, investment, and disbursement costs directly attributable to the investment of the fund.
C. Monies in the fund shall be appropriated and expended only in accordance with this Subsection:
(1) For transfer to the State Bond Commission, hereinafter referred to as the "commission", to pay the costs of the principal, premium, and interest of motor vehicle sales and use tax bonds issued by the commission pursuant to R.S. 48:77.2 as the bonds become due and payable; to fund such reserves for contingencies, costs, and expenses related to bonds issued pursuant to R.S. 48:77.2, as may be required by the resolution authorizing the issuance of such bonds; and to pay amounts of ongoing expenses associated with the administration, maintenance, or evaluation of bonds issued pursuant to R.S. 48:77.2, as follows:
(a) Funds from the I-10 Calcasieu River Bridge and I-10 Improvements Account shall be used exclusively for costs of debt, the proceeds of which are to be used for the planning, preconstruction, construction, and procurement activities related to the project described in R.S. 48:77(C)(1)(a).
(b) Funds from the I-49 South Leverage Fund Account shall be used exclusively for costs of debt, the proceeds of which are to be used for the planning, preconstruction, construction, and procurement activities related to the project described in R.S. 48:77(C)(1)(b).
(c) Funds from the Mississippi River Bridge at Baton Rouge and Connections Account shall be used exclusively for costs of debt, the proceeds of which are to be used for the planning, preconstruction, construction, and procurement activities related to the LA Highway 1 and LA Highway 30 connectors and the project described in R.S. 48:77(C)(1)(c).
(d) Funds from the I-49 North Leverage Fund Account shall be used exclusively for costs of debt, the proceeds of which are to be used for the planning, preconstruction, construction, and procurement activities related to the project described in R.S. 48:77(C)(1)(d).
(2) For transfer to the Construction Subfund of the Transportation Trust Fund:
(a) Funds from the I-10 Calcasieu River Bridge and I-10 Improvements Account shall be used exclusively for costs of planning, preconstruction, construction, and procurement activities related to the project described in R.S. 48:77(C)(1)(a).
(b) Funds from the I-49 South Leverage Fund Account shall be used exclusively for costs of planning, preconstruction, construction, and procurement activities related to the project described in R.S. 48:77(C)(1)(b).
(c) Funds from the Mississippi River Bridge at Baton Rouge and Connections Account shall be used exclusively for costs of planning, preconstruction, construction, and procurement activities related to the LA Highway 1 and LA Highway 30 connectors and the project described in R.S. 48:77(C)(1)(c).
(d) Funds from the I-49 North Leverage Fund Account shall be used exclusively for costs of planning, preconstruction, construction, and procurement activities related to the project described in R.S. 48:77(C)(1)(d).
D. Prior to the Department of Transportation and Development entering into a public-private partnership with respect to a megaproject as provided in this Section, the department shall obtain approval from the Joint Legislative Committee on the Budget. This requirement shall not apply to any public-private partnership for which the solicitation process began prior to August 1, 2022.
Acts 2022, No. 505, §2, eff. June 16, 2022; Acts 2023, No. 327, §1, eff. June 12, 2023.