§86. Louisiana State Transportation Infrastructure Fund; creation; sources of monies; establishment of accounts

A. There is hereby created, as a special fund in the state treasury, the Louisiana State Transportation Infrastructure Fund, hereinafter referred to as the "fund". The fund shall be maintained and operated by the board of the Bank to administer a revolving fund for eligible transportation projects and to use sums on deposit in, credited to, or otherwise received by the Bank for the purposes provided for in this Subpart.

B. Monies in the fund shall be used exclusively by the Bank to provide assistance to qualified borrowers pursuant to a cooperative endeavor agreement for eligible transportation projects as may be permitted by federal law or regulations and by this Subpart.

C.(1) Money needed for the operation of the Bank or otherwise dedicated shall be invested by the state treasurer as provided by law for the investment of other state funds, except as may be limited by federal law or the terms and conditions of any grant, related to money deposited in the revolving loan fund.

(2) Revenues used to capitalize the fund shall include but are not limited to the following:

(a) Investments by the state treasurer as provided by law for the investment of other state funds.

(b) Monies deposited into the fund pursuant to R.S. 48:77.

(c) Grants, gifts, and donations received by the state for the purposes of this Subpart.

(d) Any other revenues, whether local, state, or federal, as may be provided by law.

(e) Any monies which may be appropriated by the legislature to the fund.

D.(1) The Bank shall establish and maintain at least the four following accounts in the fund:

(a) State and local roadway account.

(b) State and local nonroadway account.

(c) Federal roadway account.

(d) Federal nonroadway account.

(2) Earnings on balances in the federal roadway account and federal nonroadway account shall be credited and invested according to applicable federal law.

(3) Earnings on the state and local roadway account and state and local nonroadway account shall be credited to the account that generates the earnings.

(4) Accounts may be established within each account as necessary to effectuate the purposes of this Subpart or to meet the requirements of any state or federal program.

(5) The Bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the fund.

E. All unexpended and unencumbered monies in the fund and its accounts shall remain in the fund and its accounts at the end of each fiscal year as authorized by this Subpart, except as may be limited or required by federal law or the terms and conditions of any grant, related to money deposited in the fund.

F. No monies in the fund may be expended or otherwise used, nor any bonds or other evidences of indebtedness or other obligations issued or insured for any eligible transportation project or for any payment, expenditure, commitment, pledge, loan, letter of credit, guarantee, subsidy, or other activity related to eligible transportation projects or the financing thereof without the prior written approval of the State Bond Commission.

Acts 2015, No. 431, §2.