reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part I - Public Funds Investments › Chapter 1 - Education Quality Trust Fund Investment Procedures › Section I-113 - Measurement of Performance of Investments; Evaluation of the LEQTF

Current through Register Vol. 50, No. 6, June 20, 2024
A. The investment
				performance of the assets shall be measured quarterly on the calendar quarter
				by a professional and independent organization which is in the business of
				performing such measurements and which is not affiliated with any firm or
				entity which advises the state treasurer on the investment of the assets or
				which has any responsibility for managing any portion of the assets. All
				measurement shall be in compliance with the Association for Investment
				Management and Research performance presentation standards.
B. Annual Evaluation of Performance of the
				LEQTF. The state treasurer shall cause an evaluation of the LEQTF at least
				annually. This evaluation shall cover all aspects of the investment of the
				assets, including an evaluation of the investment results of the total fund,
				results of each class of asset, results of any and each investment manager, as
				well as of adherence to applicable law, rules, and guidelines. This evaluation
				shall be made in accordance with sound review criteria and any benchmarks
				established by the state treasurer for evaluating investment performance.
				Specific investment performance benchmarks for the LEQTF shall include, but not
				be limited to, the following (in addition to any other provision required by
				law or rule).
1. Common Stocks. An annualized
				total return equal to or greater than the Standard and Poor's 500 Index net of
				investment management fees, custodial fees, and transaction costs.
2. Bonds. An annualized total return equal to
				or greater than the Lehman Brothers Government Bond Index net of investment
				management fees, custodial fees, and transaction costs.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part I - Public Funds Investments › Chapter 1 - Education Quality Trust Fund Investment Procedures › Section I-117 - Investment Consultants

Current through Register Vol. 50, No. 6, June 20, 2024
A. Method
				of Selection. Should the state treasurer retain the services of an investment
				consultant, the treasurer shall choose a firm or individual to serve as an
				investment consultant for the LEQTF in accordance with all applicable Louisiana
				laws and rules regarding the process of choosing and contracting with
				professionals and consultants.
B.
				Minimum Criteria. Any investment consultant chosen must have at least five
				years of experience consulting accounts with assets greater than $250 million
				as well as experience conducting investment manager searches and performance
				measurement for public funds with total assets greater than $250
				million.
C. Payment of Fees.
				Investment consultants shall be paid in arrears on a quarterly basis. All
				consulting fees shall be paid from the assets of the Support Fund.
D. Disclosure of Affiliations. Any consultant
				who is a broker/dealer or affiliated with a broker/dealer or investment manager
				must disclose the nature of the relationship. The investment consultant shall
				not receive compensation of any kind from any investment manager contracted by
				the state treasurer for management of the LEQTF.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  17:3802(C)(4).
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part I - Public Funds Investments › Chapter 3 - State Tax Revenue Limit › Section I-301 - Determination of the State Tax Revenue Limit

Current through Register Vol. 50, No. 6, June 20, 2024
A. Basis of Calculation of State Tax Revenue
				Limit. Pursuant to 47:5002, the state tax revenue limit is the percentage
				formed by dividing state tax revenue for the 1978-79 fiscal year by state
				personal income for 1977. The State Tax Revenue Limit shall be rounded to the
				nearest tenth of 1 percent.
1. The state tax
				revenue for the 1978-79 fiscal year is $1,755,114,254.11.
2. The state personal income for 1977 is
				$23,187,000,000.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part I - Public Funds Investments › Chapter 3 - State Tax Revenue Limit › Section I-303 - Declaration of Maximum State Tax Revenue

Current through Register Vol. 50, No. 6, June 20, 2024
A. Within six months after the close of the
				previous fiscal year, the state treasurer shall declare maximum state tax
				revenue for the year then ended, by a letter addressed to the commissioner of
				administration, the president of the Senate and the speaker of the House of
				Representatives of the Louisiana State Legislature.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  47:5010.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part I - Public Funds Investments › Chapter 3 - State Tax Revenue Limit › Section I-305 - Administration of Tax Surplus Fund

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Monies classified to the Tax Surplus Fund shall be invested in the same manner
				as monies classified to the state general fund. Disbursements from the Tax
				Surplus Fund shall only be made pursuant to an appropriation by the legislature
				for this purpose.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  47:5010.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part I - Public Funds Investments › Chapter 5 - Permissible Investments › Section I-501 - U.S. Government Agency Obligations

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Pursuant to
				R.S.
				49:327(B)(1)(a) and (b),
				obligations of or obligations guaranteed by, any of the following agencies,
				instrumentalities, or government-sponsored entities of the United States
				government, or their successor agencies, universally referred to in the
				investment community as "agency securities," shall be eligible for investment
				by the treasurer:
1. Government National
				Mortgage Association (GinnieMae, GNMA);
2. Federal Agriculture Mortgage Corporation
				(FAMC);
3. Farm Credit Financial
				Assistance Corporation (FCFAC);
4.
				Farm Credit System Banks (FFCB);
5.
				Farmers Home Administration (FmHA);
6. Federal Home Loan Banks (FHLB);
7. Federal Home Loan Mortgage (FreddieMac,
				FHLMC);
8. Financing Corporation
				(FICO);
9. Federal Land Bank Bonds
				(FLBB);
10. Federal National
				Mortgage Corporation (FannieMae, FNMA);
11. Resolution Funding Corporation
				(REFCO);
12. Small Business
				Administration (SBA);
13. Federal
				Deposit Insurance Corporation (FDIC);
14. Tennessee Valley Authority
				(TVA);
15. U.S. Postal Service
				(USPS).
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-103 - Original Rules (1975)

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				following constitutes all of the existing rules, as defined in the Act,
				including all rules in existence on January 1, 1975, and all other written
				statements of policy or interpretations formulated, adopted, or used by the
				commission in the discharge of its functions, including all final orders,
				decisions and opinions, as amended.
B. The following has been adopted concerning
				meeting dates: Regular meetings shall be held at 10 a.m. on the third Thursday
				of each month, provided that:
1. any meeting
				at which bids are to be received for the sale of bonds may be held at either 10
				a.m. or 11 a.m., any meeting held during Legislative Sessions will be held at 8
				a.m. unless bids are to be received for the sale of bonds; and
2. any meeting held in lieu of a regular
				meeting date due to state holidays shall be deemed a regular meeting, and such
				new meeting date shall be determined by the chairman of the commission; special
				meetings may be called by the chairman of the commission on any date.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-105 - Organization

Current through Register Vol. 50, No. 6, June 20, 2024
A. The staff of the
				commission is hereby further authorized and directed to file in the office of
				the Division of Administration and to make available to the Division of
				Administration for publication all necessary information and data, including
				that contained in this Resolution, and to take any and all additional action
				necessary to implement the provisions of the Act, as the Act applies to the
				commission.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-107 - Organizational Chart

Current through Register Vol. 50, No. 6, June 20, 2024
Click Here To View
				  Image
*Commission Members are as follows: State Treasurer
				  (Chairman), Governor, Lieutenant Governor, Secretary of State, Attorney
				  General, President of the Senate, Speaker of the House, Chairman of the Senate
				  Finance Committee, Chairman of the Senate Revenue and Fiscal Affairs Committee,
				  Chairman of the House Committee on Appropriations, Chairman of the House
				  Committee on Ways and Means, Commissioner of Administration.
The footnotes
				  referenced in the following Sections can be found in §133
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-109 - Police Juries-Taxes

Current through Register Vol. 50, No. 6, June 20, 2024
A. General
				Ad Valorem Tax. A parish may levy annually an ad valorem tax for general
				purposes not to exceed four mills of assessed valuation [Article VI, Section
				26(A) Constitution]. Millage may be increased when approved by a majority of
				electors voting in an election held for that purpose in any parish. (Orleans
				Parish, seven mills; Jackson Parish, five mills.) Parish tax in municipalities
				except Orleans is limited to one-half of the tax levy for general purposes. The
				following information is required:
1. a copy
				of the resolution adopted by the governing authority setting
				forth1 the millage to be levied;
2. duration of tax;
3. purpose;
4. whether new tax or reinstitution of
				existing tax;
5. millage currently
				being levied (if applicable);
6.
				authority under which tax is being levied; and
7. election date (if applicable).
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-111 - Police Juries-Loans

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Budgetary (R.S. 39:745-747). Current expenses only as set up in budget. May
				anticipate regular revenues. Cannot borrow more than estimated income. The
				maximum interest rate for securities is 8 percent (R.S.
				39:1424). Maturity no later than March 1 of
				the year following that in which loan is made (R.S.
				39:747). The following information is
				required:
1. a copy of the resolution adopted
				by the governing authority setting forth3 the amount
				of loan, maturity, interest rate,5 purpose, and
				security;
2. a copy of the budget
				adopted by the governing authority for the current year.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-113 - Police Juries-Bonds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Article
				VI, Section 33, and
				R.S.
				39:551 provides for incurring debt and
				issuing bonds by political subdivisions of the state.
				R.S.
				39:552 states parish purposes for which debt
				may be incurred and bonds issued. Bonds are limited to 40 years duration
				(R.S.
				39:562). All bond issues secured by ad
				valorem taxes are limited to 10 percent of assessed valuation, except school
				boards which have a 25 percent limitation and certain industrial bonds which
				are limited to 20 percent (R.S.
				39:562).4 Parishes
				may assume the debt of districts wholly within said parish and of the portions
				of multi-parish districts within that parish, and refund bonds issued for the
				purpose of readjusting, refunding, extending, or unifying the whole or any part
				of any such assumed indebtedness which may be issued as authorized by law
				without being charged against the 10 percent debt limit imposed by
				R.S.
				39:562 (R.S.
				39:562.1). The maximum interest rate on ad
				valorem bonds is 8 percent (R.S.
				39:1424). The following information is
				required.
1. Ad Valorem Tax Secured Bonds
				(General Obligation or G.O. Bonds):
a. a
				statement of the assessed valuation according to the last assessment roll of
				record;
b. a statement of the
				outstanding ad valorem tax bonded indebtedness and the purpose for which debt
				was incurred;
c. a copy of the
				resolution adopted by the governing authority setting
				forth1 the amount of issue, duration (including
				schedule of bond maturities), interest rate, purpose, security, proposition,
				request to commission to authorize issuance, sale and delivery of bonds if
				election is carried, and election date;
d. a description of the project, including an
				estimate of the cost of the project and of the cost of issuing bonds.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-115 - Municipalities-Taxes

Current through Register Vol. 50, No. 6, June 20, 2024
A. General Ad
				Valorem Tax. A municipality may levy annually an ad valorem tax for general
				purposes not to exceed seven mills on the dollar of assessed valuation.
				However, if a municipality, by its charter or by law, is exempt from payment of
				parish taxes or, under legislative or constitutional authority, maintains its
				own public schools, it may levy an annual tax not to exceed 10 mills on the
				dollar of assessed valuation. Millage rates may be increased in any
				municipality when approved by a majority of electors in an election held for
				that purpose [Article VI, Section 27(A)]. The following information is
				required:
1. a copy of the resolution adopted
				by the governing authority setting forth1 the
				millage to be levied, duration of tax, and purpose;
2. whether new tax or reinstitution of
				existing tax;
3. millage currently
				being levied (if applicable);
4.
				authority under which tax is being levied; and
5. the election date and proposition (if
				applicable).
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-117 - Municipalities-Loans

Current through Register Vol. 50, No. 6, June 20, 2024
A. Budgetary (R.S.
				39:745-747). Provides for anticipation of General Fund or budgetary revenues
				for current operations. May anticipate regular revenues. Cannot borrow more
				than estimated income. The maximum interest rate for securities is 8 percent
				(R.S.
				39:1424). Maturity-no later than March 1 of
				the year following that in which loan is made (R.S.
				39:747). The following information is
				required:
1. a copy of the resolution adopted
				by the governing authority setting forth3 the amount
				of loan, maturity, interest rate,5 purpose, and
				security; and
2. a copy of the
				budget adopted by the governing authority for the current year.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-119 - Municipalities-Bonds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Article VI,
				Section 33, and
				R.S.
				39:551, provides for incurring debt and
				issuing bonds by political subdivisions of the state.
				R.S.
				39:553 states municipal purposes for which
				debt may be incurred and bonds issued. Bonds are limited to 40 years duration
				(R.S.
				39:562). All bond issues secured by ad
				valorem taxes are limited to 10 percent of assessed valuation, except school
				boards which have a 25 percent limitation, and industrial bonds which are
				limited to 20 percent (R.S.
				39:562).4 The
				maximum interest rate on ad valorem bonds is 8 percent (R.S.
				39:1424). The following information is
				required:
1. ad valorem tax secured bonds
				(general obligation or G.O. bonds);
a. a
				statement of the assessed valuation according to the last assessment roll of
				record;
b. a statement of the
				outstanding ad valorem tax bonded indebtedness and the purpose for which debt
				was incurred;
c. a copy of the
				resolution adopted by the governing authority setting
				forth1 the amount of issue, duration (including
				schedule of bond maturities), interest rate, purpose, security, proposition,
				request to commission to authorize issuance, sale and delivery of bonds if
				election is carried, and the election date;
d. a description of the project, including an
				estimate of the cost of the project and of the cost of issuing bonds;
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-121 - School Boards-Taxes

Current through Register Vol. 50, No. 6, June 20, 2024
A. Taxes
				Levied under Authority of Article VI, Section 32. Purpose of acquiring,
				constructing, improving, maintaining, or operating any work of public
				improvement. Refers to the construction of capital improvements. Does not
				include such things as personnel salaries, office supplies or any other item
				not directly related to the construction or maintenance of a physical plant. No
				limits. See also, Attorney General Opinion Number 76-51, dated February 26,
				1976. The following information is required:
1. copy of the resolution adopted by the
				school board setting forth1 the amount of tax,
				duration, purpose, request for authority to hold election (showing proposition
				to be submitted) and to levy and collect tax if approved by electors, and the
				election date;
2. whether the tax
				is new or a reinstitution of an existing tax;
3. millage currently being levied;
				and
4. authority under which the
				tax is being levied.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-123 - School Boards-Loans

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Budgetary (R.S. 17:88-89). After the budget has been prepared and adopted,
				school boards may anticipate revenue for current operation of schools. They may
				borrow up to one half of expected revenues for the fiscal year. Parishes of
				Caddo, East Baton Rouge, Jefferson, and Orleans may borrow up to three-fourths
				because population exceeds 200,000. Permits a loan for one year, to be repaid
				by end of fiscal year (June 30). Maximum interest rate for securities is 8
				percent (R.S.
				39:1424). The following information is
				required:
1. a copy of the resolution adopted
				by the school board setting forth3 the amount of
				loan, maturity, interest rate,5 purpose, and
				security; and
2. a copy of the
				budget adopted by the school board for the current year.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-125 - School Boards-Bonds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Article
				VI, Section 33,
				R.S.
				39:551 provides for incurring debt and
				issuing (G.O.) bonds by political subdivisions of the state.
				R.S.
				39:552 states parish purposes for which debt
				may be incurred and bonds issued. Bonds are limited to 40 years duration
				(R.S.
				39:562). School board bond issues secured by
				ad valorem taxes are limited to 25 percent of assessed valuation (R.S.
				39:562). The maximum interest rate on ad
				valorem bonds is 8 percent (R.S.
				39:1424).
1. Ad Valorem Tax Secured Bonds (General
				Obligation or G.O. Bonds):
a. a statement of
				the assessed valuation according to the last assessment roll of
				record;
b. a statement of the
				outstanding ad valorem tax bonded indebtedness and the purpose for which debt
				was incurred;
c. the resolution of
				the governing body applying for authority to hold an election and setting
				forth1 the amount of issue, duration, including
				schedule of bond maturities, interest rate, purpose, security, proposition,
				request to the commission to authorize issuance, sale and delivery of bonds if
				election is carried, and the election date;
d. a description of the project, including an
				estimate of the cost of the project and of the cost of issuing bonds.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-127 - Industrial Development

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Industrial Inducement Revenue Bonds Issued by Parishes, Municipalities, and
				Industrial Districts (R.S. 39:991-1001). Parishes, municipalities, and
				industrial development districts may issue revenue bonds in order to encourage
				the location of or addition to industrial enterprises therein or adjoining
				thereto and may acquire, purchase, lease, rent, construct, or improve
				industrial plant sites and industrial plant buildings, including facilities for
				the generation of electricity and production of steam and other forms of
				energy, and pollution abatement and control facilities, and necessary property
				and appurtenances thereto, and may sell, lease, sublease, or otherwise dispose
				of, by suitable and appropriate contract, to any enterprise locating or
				existing within or adjoining such municipality, such sites, buildings, and/or
				facilities, and appurtenances thereto, all or severally. The revenue bonds
				shall be limited obligations of the parish, municipality, or industrial
				district and shall be payable solely from the income and revenue derived from
				the sale or lease of the project and may be additionally secured by a mortgage
				covering all or any part of the project from which the revenue so pledged may
				be derived. The bonds shall not constitute an indebtedness or pledge of the
				general credit of the parish, municipality or industrial district. The bonds
				may be issued for up to 30 years at a rate not to exceed 9 percent per annum.
				The bonds are incontestable after 30 days (R.S.
				39:1000). The following information is
				required:
1. lease and/or sale agreement
				setting forth the lessor (vendor), lessee (vendee), sub-lessee (if any),
				guarantor, amount of issue, rate, type of project, location of project,
				description of work to be done and who is in charge of construction project
				(lessee, lessor, other, etc.), ownership of project during term of lease,
				ownership of project after term of lease, and consideration of ownership
				changes;
2. guarantee agreement (if
				any);
3. trust indenture (if
				any);
4. income statement and
				balance sheets for the previous five years showing gross sales, net earnings,
				net earnings per share, and gross revenues;
5. products and services of the
				corporation;
6. location of
				corporate headquarters;
7. approval
				of commerce and industry;
8. the
				corporate resolution authorizing the project and the application for issuance
				of bonds;
9. legal authority under
				which bonds are issued;
10. police
				jury approval (if applicable).
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-131 - General Information

Current through Register Vol. 50, No. 6, June 20, 2024
A. Article
				VII, Section 8-Bond Commission
B.
				Louisiana Revised Statutes, Title 39, Sections 1361-1427, General Laws on State
				Debt
C. Louisiana Revised Statutes,
				Title 39, Section 871, State Control of Local Indebtedness
D. Article VI, Section 22-Procedure for
				Certain Special Elections (Including Elections Not Related to
				Financing)
E. Louisiana Revised
				Statutes, Title 47, Section 1806, Penalties for Violation, Section 264 (Fees of
				Attorneys Must Be Approved by the Attorney General's Office)
F. Louisiana Revised Statutes, Title 47,
				Section 1803, Bankruptcy-Notice to Bond Commission
G. Louisiana Revised Statutes, Title 47,
				Section 1805 (Act 400, 1978 Regular Session)-Delinquent Payments or Fund
				Transfers on Outstanding Indebtedness; Notification to Bond
				Commission
H. Louisiana Revised
				Statutes, Title 39, Section 1401.31 (Act 578, 1978 Regular Session)-Agreements
				Providing for Outlay of Funds for Capital Improvements or Expenditure; Bond
				Commission Approval Required; Penalties
I. Louisiana Revised Statutes, Title 39,
				Sections 1441-1443 (Act 381, 1978 Regular Session)-Defeasance of Securities of
				Public Entities
J. Louisiana
				Revised Statutes, Title 47, Sections 1705 and 1987, (Act 1, 1978 Regular
				Session)-Closing Date for Assessment Rolls
K. Louisiana Revised Statutes, Title 18,
				Section 402(F)-Bond, Tax, or Other Elections
L. Article VI, Section 15-Local Governmental
				Subdivisions; Control over Agencies
M. Article VI, Section 16-Special Districts
				and Local Public Agencies:
1. Consolidation;
				and
2. Assumption of Debt
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-133 - Footnotes

Current through Register Vol. 50, No. 6, June 20, 2024
1 The resolution of the governing
				  body must be certified by the appropriate official or officials as having been
				  adopted, and must apply for authority to hold a special election. Either the
				  resolution or certificate should show or state that a quorum of the governing
				  body was present.
2 The levy of a sales or use tax,
				  when combined with the rate of all other sales and use taxes, exclusive of
				  state sales and use taxes, levied and collected within any local governmental
				  subdivision, shall not exceed 3 percent.
3 The resolution of the governing
				  body must be certified by the appropriate official or officials as having been
				  adopted. Either the resolution or certificate should show or state that a
				  quorum of the governing body was present.
4 The computation for determining
				  the assessed valuation for the purposes of issuing ad valorem bonds includes
				  both homestead exempt property and nonexempt property.
5 It is the policy of the Bond
				  Commission that the interest rate be established and submitted with application
				  for budgetary or excess revenue loans and for loans secured by the pledge of
				  the avails of a special tax. Where such interest rate is above 6 percent, the
				  applicant must apply for the loan at not less than two lending institutions and
				  must have received replies from such institutions stating either the interest
				  rate at which such institutions will grant the loan or that such institutions
				  will not grant the loan. Such replies must be submitted with the application to
				  the Bond Commission.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 3 - Non-Traditional Tax-Exempt Projects › Section III-303 - Public Notice Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. In
				addition to the existing notice requirements contained in the guidelines of the
				commission adopted July 28, 1981 (the "guidelines") as amended on April 13,
				1982 and other applicable laws, the notice of public hearing to issue
				non-traditional bonds which do not satisfy the guidelines but which are
				proposed to be issued under the amended guidelines established at the April 13,
				1982 meeting of the commission shall conform to the following minimum
				requirements.
1. The notice of public hearings
				shall be published in a newspaper of general circulation in the area in which
				the project to be funded is located, and in the official journal of the
				industrial development board or public trust authority.
2. The newspaper notice referred to in
				Paragraph 1 above shall be set off by a solid black line border, shall be at
				least 2 columns in width by 2 1/2 column inches in length, or of physical
				dimensions not less than 4 by 3 inches, whichever is greater.
3. The newspaper notice shall be captioned
				with a tide set forth in bold print which substantially sets forth the
				following: "notice of public hearing regarding issuance of non-traditional
				revenue bonds."
4. The newspaper
				notice, in addition to setting forth the subject date, and place of such public
				hearing, shall include a brief description of the nature of the project and set
				forth its proposed location in reasonable detail.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 5 - Housing › Section III-503 - Vacancy Guidelines

Current through Register Vol. 50, No. 6, June 20, 2024
A. New
				multifamily housing applications whereby the vacancy rate in the area of the
				new construction equals or exceeds 20 percent, according to an acceptable
				vacancy study, will not be docketed for consideration. In parishes, or sections
				of parishes, for which no study has been completed, the developer will be
				required to arrange for a study indicating vacancy rates and such study will
				have to be acceptable to the issuer and the commission.
B. Inducements for new construction in areas
				that have more than 15 percent and less than 20 percent vacancy rates would be
				prohibited unless a specific feasibility study and vacancy rate study by the
				developer justifies such a development. Both studies would have to be completed
				no more than 90 days prior to inducement.
C. At the time of preliminary consideration
				by the Bond Commission acceptable vacancy rate studies as mentioned herein must
				be current up to 180 days.
D. New
				construction for special purpose needs (mainly elderly and handicapped housing)
				are exempt from these vacancy guidelines.
E. All new construction multifamily housing
				developments induced by an issuer prior to July 23, 1985, are exempt from these
				vacancy guidelines.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 5 - Housing › Section III-505 - Rule Number HS1-1993-Definitions of Income Class

Current through Register Vol. 50, No. 6, June 20, 2024
A. Whereas, the Bond Commission finds a need
				to adopt uniform definitions of the various income classes designated in
				applications relative to housing issues in the state of Louisiana.
B. Therefore, the Bond Commission hereby
				adopts the following definitions which shall be applicable to all rules
				governing the issuance of housing bonds in the state of Louisiana .
1.
Very Low Income
-
				households whose incomes do not exceed 50 percent of the median income for the
				area, as determined and adjusted from time to time by HUD.
2.
Low Income
- households
				whose incomes do not exceed 80 percent of the median income for the area, as
				determined and adjusted from time to time by HUD.
3.
Moderate Income
-
				households whose incomes are between 81 percent and 95 percent of the median
				income for the area, as determined and adjusted from time to time by
				HUD.
4.
Middle
				Income
- households whose income are between 96 percent and 120 percent
				of the median income for the area, as determined and adjusted from time to time
				by HUD.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 5 - Housing › Section III-507 - Rule Number HS2-1993-Bond Commission Multifamily Housing Applicants

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Bond
				Commission (the "commission") has found it necessary to address the concerns of
				very low, low, and/or moderate income families in multifamily housing units
				financed with tax exempt and/or taxable municipal bonds subject to the approval
				of the commission.
B. The
				commission hereby adopts the following rule which shall apply to all such
				applications submitted to the commission for new construction, acquisition
				and/or rehabilitation, or refunding of multifamily housing units.
C. Multifamily housing applications must
				include defined tenant benefit programs for those units set-aside for very low,
				low, and/or moderate income families. Those applications that do not include
				evidence of such programs will not be docketed for consideration.
D. The staff of the Bond Commission shall use
				the following criteria when evaluating defined tenant benefit programs.
1. Nonspecial Needs Multifamily Housing. A
				developer shall select at a minimum two of the seven options listed below for
				the set-aside units.
a. Material Rent
				Differentials. In order to be deemed material, a rent differential must satisfy
				the federal tax credit guidelines which specify that rent for set-aside units
				should not exceed 30 percent of the imputed income limit for the set-aside
				unit.
b. Deposit Waivers and/or
				Application Fee Waivers. Deposit or application fee waivers may be applied to
				either an application fee, a security deposit, or both.
c. Rent Cap. Rent caps may be applied which
				limit the dollar and/or percentage of increase in rent upon renewal of a lease.
				Such rent caps must be equal to or less than one-half the scheduled rent
				increase for such lease renewal.
d.
				Rent Deferral. Rent deferral programs would apply to those tenants which become
				unemployed during the term of their lease. Rent deferral programs can
				reschedule rent payments at reduced amounts or have a 100 percent deferral
				either until six months after the resident is no longer receiving unemployment
				compensation. This program may be funded with a reserve set aside for this
				specific purpose and clearly delineated in the bond documents.
e. Educational Programs or Other
				Socialization Programs. These programs may include literacy or tutorial
				programs, re-education assistance for the unemployed, or other such assistance
				which would increase opportunities for the targeted income class.
f. Daycare Related Programs. These programs
				may either be located on site or subsidized off site daycare centers. Programs
				may include after school care and/or supervision for the children of working
				parents.
g. Other such benefit
				programs as may be proposed by the developer, such as:
i. tenant security programs;
ii. energy conservation programs.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 7 - Costs of Issuance and Reporting Requirements › Section III-701 - Procedure

Current through Register Vol. 50, No. 6, June 20, 2024
A. No later than 45
				days after the closing and delivery of bonds by any non-traditional issuer,
				including but not limited to the Louisiana Public Facilities Authority, other
				public trusts, the Louisiana Local Government Environmental Facilities and
				Community Development Authority, other political subdivisions having statewide
				jurisdiction, state agencies, and industrial development boards (collectively,
				the "Issuer"), the Issuer or its representative shall submit to the State Bond
				Commission a final report with respect to such issue. This final report shall
				be in a form provided by the State Bond Commission and shall provide
				information with respect to the final size of the issue, maturities and
				interest rates, and all costs of issuance including underwriters' discount
				("costs of issuance"), paid from bond proceeds and/or other sources.
B. The report shall list:
1. the costs of issuance by individual item
				as submitted to and approved by the State Bond Commission;
2. the actual costs of issuance by individual
				item and;
3. the variance, if any,
				between the approved and actual costs of issuance by individual item, dollar
				amount and percentage. If:
a. the total actual
				costs of issuance exceed the total approved costs of issuance; or
b. the actual costs of issuance in any line
				item exceed the approved costs of issuance by a variance of 10 percent or more,
				the Issuer shall obtain supplemental approval of the State Bond Commission
				prior to paying any individual item in excess of the approved costs of
				issuance.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 9 - Expedited Review of Certain Leases › Section III-901 - Leases

Current through Register Vol. 50, No. 6, June 20, 2024
A. The provisions
				of this rule on expedited review of certain leases shall be applicable to all
				leases that meet the criteria set forth in
				§903 and shall include financed leases as
				well as conventional leases that do not contain a nonappropriation clause or
				that do contain an antisubstitution clause. The provisions of this rule are not
				intended and shall not in any way be interpreted as exempting from Bond
				Commission approval any form of lease that has traditionally been deemed to
				constitute debt.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et
				  seq.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 9 - Expedited Review of Certain Leases › Section III-903 - Criteria

Current through Register Vol. 50, No. 6, June 20, 2024
A. In order for a
				proposal lease agreement to be eligible for the expedited review process, all
				of the following criteria must be met and that fact must be certified in
				writing by an authorized agent of the government entity seeking approval under
				the expedited review process.
1. The leased
				equipment must be specially identified in the proposed lease agreement and the
				lease must be used to acquire movable property necessary to provide essential
				governmental services such as those related to safety, sanitation, road and
				highway construction and repair, health services, communication, education, and
				transportation.
2. If the lease
				agreement transfers ownership of the leased property to the lessee at the end
				of the lease term or contains an option to purchase the leased property at a
				nominal price, the lease agreement must have been entered into in compliance
				with the public bid law.
3. The
				governmental entity must have excess or sufficient revenues to cover annual
				debt service on the lease pursuant to the provisions of
				R.S.
				33:2922.
4. The total amount of the lease cannot
				exceed the greater of $100,000 or 10 percent of the government entity's annual
				revenues.
5. There must have been
				no default on any debt obligation within the previous five years.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 9 - Expedited Review of Certain Leases › Section III-905 - Documentation

Current through Register Vol. 50, No. 6, June 20, 2024
A. The governmental
				entity shall submit the following documents with the proposed lease and the
				request for approval under this rule:
1. the
				resolution of the governmental entity authorizing the lease;
2. a copy of the lease agreement;
3. a copy of the governmental entity's
				current year budget, showing excess revenues pursuant to
				R.S.
				33:2922;
4. a complete summary of the lease on forms
				approved by the commission;
5. a
				certification from the governmental entity in the form approved by the
				commission, attesting to compliance with all of the requirements of this
				rule.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 11 - Expedited Review of Financings of Movables › Section III-1101 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The provisions
				of this rule on expedited review of financing purchases of movables shall be
				applicable to such purchases that meet the criteria set forth in LAC
				71:III.1103.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  39:1410.60(B).
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 11 - Expedited Review of Financings of Movables › Section III-1103 - Criteria

Current through Register Vol. 50, No. 6, June 20, 2024
A. In order for the
				proposed financing to be eligible for the expedited review process, all of the
				following criteria must be met and certified in writing by an authorized agent
				of the governmental entity seeking approval under the expedited review process.
1. The movables must be specifically
				identified in the resolution and the funds must be used to acquire movable
				property necessary to provide essential governmental services such as those
				related to safety, sanitation, road and highway construction and repair, health
				services, communication, education, and transportation.
2. The governmental entity must have excess
				or sufficient revenues to cover annual debt service according to the provisions
				of
				R.S.
				33:2921.
3. The total amount of the indebtedness
				cannot exceed the greater of $100,000 or 10 percent of the governmental
				entity's annual revenues.
4. There
				must have been no default on any debt obligation within the previous five
				years.
5. The provisions of the
				public bid law, to the extent applicable, have been complied with.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 11 - Expedited Review of Financings of Movables › Section III-1105 - Documentation

Current through Register Vol. 50, No. 6, June 20, 2024
A. The governmental
				entity shall submit the following documents for approval under this rule:
1. the resolution of the governmental entity
				authorizing the indebtedness;
2. a
				copy of the governmental entity's current budget, showing budgeted excess
				revenues pursuant to
				R.S.
				33:2921;
3. a certification from the governmental
				entity in the form approved by the commission, attesting to compliance with all
				the requirements of this rule.
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 11 - Expedited Review of Financings of Movables › Section III-1107 - Procedures

Current through Register Vol. 50, No. 6, June 20, 2024
A. On an as needed
				basis the staff of State Bond Commission shall mail to the commission members a
				notice of all such requests submitted to the commission staff that meet the
				criteria for approval under the rule, and that are scheduled for approval by
				the executive director. Each borrowing so submitted shall be approved by the
				executive director of the State Bond Commission 10 days following the mailing
				of the notice unless a member of the commission, prior to approval by the
				executive director, requests that the financing be placed on the agenda at the
				next Bond Commission meeting.
B. If
				any member of the commission requests that a financing submitted to the staff
				under the provisions of this rule be placed on the agenda, such financing shall
				be placed on the agenda for consideration at the next commission meeting in
				accordance with the commission's rules and regulations.
C. Certification of Compliance with Criteria
				for Approval of Financing of Movables under Expedited Procedure
CERTIFICATION OF COMPLIANCE WITH CRITERIA FOR APPROVAL OF
				  FINANCING OF MOVABLES UNDER EXPEDITED PROCEDURE
Name of Entity: __________________________________
Equipment to be Purchased: ________________________
Term of Financing: _______________________________
Amount of Financing: _____________________________
Interest Rate: ____________________________________
Maximum Annual Debt Service:_____________________
BEFORE ME, the undersigned authority, personally came and
				  appeared who declared that he/she is the _______ for the and does hereby
				  certify that:
The proposed financing is being entered into for the purpose
				  of acquiring movable property necessary to provide essential governmental
				  services, more specifically the following:
________________________________________________
________________________________________________
________________________________________________
The borrower has sufficient revenues to repay the loan
				  pursuant to the provisions of
				  R.S.
				  33:2921.
The total amount of financing does not exceed the greater of
				  $100,000 or 10 percent of the borrower's annual revenues.
The provisions of the public bid law, to the extent
				  applicable, have been complied with.
The borrower has not been in default on any debt obligation
				  within the previous five years.
The following documents are attached:
1. the Resolution of the borrower.
2. a copy of the borrower's annual budget.
______________________________
Public Official
Sworn to and subscribed before me, this ____ day of ____, at
				  ____________, Louisiana.
______________________________
Notary Public
Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 15 - Debt Limit › Section III-1501 - State Debt Limit

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Bond
				Commission shall annually establish the maximum dollar amount which may be
				expended in any year for servicing net state tax supported debt, as such terms
				are defined by law (the "debt limit"). This is to be a computation based on the
				formula used in
				R.S.
				39:1367 (as now or hereinafter amended) and
				shall include an estimate of the par amount of bonds which can be issued, and
				shall report such debt limit to the Legislature, the governor and the Joint
				Legislative Committee on Capital Outlay by November 1 of each year.
B. For purposes of this rule, the following
				debt and types of debt are determined to be net state tax supported debt and
				shall be included in the debt limitation established annually by the Bond
				Commission (for specific issues and amounts of the inclusions listed below the
				commission will cross reference the Louisiana Division of Administration,
				Statewide Reporting).
1. General Obligation
				Bonds Secured by the Full Faith and Credit of the State.
a. General obligation bonds secured by the
				full faith and credit of the state shall include general obligation bonds
				issued pursuant to Article VII, Section 6 of the State Constitution, R.S.
				39:1316-1366 and other constitutional and statutory authority supplemental
				thereto as well as bonds which were authorized or issued prior to the adoption
				of the State Constitution of 1974 which are currently backed by the full faith
				and credit of the state ("General Obligation Debt Equivalents").
b. As of the date of the adoption of this
				rule, this category includes the following:
i. General Obligation bonds;
ii. Highway Construction bonds;
iii. Capital Improvement bonds;
iv. Charity Hospital of Louisiana (New
				Orleans) bonds;
v. Higher Education
				bonds.