SUBPART B. LOUISIANA STATE TRANSPORTATION                                                 INFRASTRUCTURE BANK

§81. Louisiana State Transportation Infrastructure Bank; purposes; establishment

A. There is hereby established within the Department of the Treasury the Louisiana State Transportation Infrastructure Bank, which shall be allocated to the Department of the Treasury as an agency of the state.

B. The purpose of the Louisiana State Transportation Infrastructure Bank is to select and assist in financing eligible transportation projects by providing loans and other financial assistance to municipalities, parishes, publicly operated ports, harbors, or terminal districts, publicly operated airports, publicly operated ferries, or publicly operated transit systems in the state for planning, constructing, and improving transportation facilities necessary for public purposes.

C. Any loan or other financial assistance provided pursuant to this Subpart shall be made pursuant to a cooperative endeavor agreement between the Louisiana State Transportation Infrastructure Bank and a qualified borrower. Any such cooperative endeavor agreement shall meet the following requirements:

(1) The loan or other financial assistance shall be for a public purpose that comports with the governmental purpose that the Louisiana State Transportation Infrastructure Bank and the qualified borrower have the legal authority to pursue and the loan or other financial assistance comports with the requirements of this Subpart.

(2) The loan or other financial assistance is not gratuitous.

(3) The Louisiana State Transportation Infrastructure Bank has a demonstrable, objective, and reasonable expectation of receiving at minimum the equivalent value in exchange for the loan or other financial assistance.

Acts 2015, No. 431, §2.