Current through Register Vol. 50, No. 3, March 20, 2024
A. After
passing the resolution or ordinance as described in
R.S.
39:1357(E) and (F), the
political subdivision shall transmit an application, using the form established
by the department of treasury, to the legislative auditor.
B. Such application should contain the
following:
1. name of the public entity,
including:
a. names of chief administrative
officer and board/council members;
b. physical address;
c. mailing address;
d. email of chief administrative officer;
and
e. phone number.
2. name of fiscal administrator,
including:
a. physical address;
b. mailing address;
c. email;
d. phone number;
e. date of appointment; and
f. certified copy of court order appointing
fiscal administrator.
3.
a copy of the written report required to be prepared under
R.S.
39:1352(B)(1). In the event
that the written report has not yet been prepared, or was prepared more than a
year prior to the application, the application shall contain an estimate of the
revenues and expenditures of the political subdivision for the remainder of its
current fiscal year and the following fiscal year.
4. current budget of the political
subdivision with projected expenditures to fiscal year end;
5. financial statements of the political
subdivision;
6. a list of current
creditors showing existing balances and payment schedules;
7. a list of assets not identified in
financial statements;
8. a list of
insurance policies, including insurance company name, policy numbers, and type
of insurance;
9. sources of funds
and evidence of ability to repay the loan requested by this
application;
10. anticipated date
for end of fiscal administration;
11. the estimated costs as determined by the
political subdivision and fiscal administrator; and
12. the requested maximum principal amount of
loan.
C. The legislative
auditor in its review and approval of the application shall ensure all
financial information is included in the application.
D. Upon approval of the application, the
legislative auditor shall forward the application to the state treasurer and
attorney general for their review and approval.
E. Upon receiving the approval of the
application from the legislative auditor, state treasurer, and attorney
general, the attorney general shall file a motion to approve the application
with the court.
F. Following
issuance of an order by the court approving of the political subdivisions
application, the political subdivision shall submit, in addition to the
requirements of the state bond commission, the following to the state bond
commission for its review and approval:
1.
the application;
2. a copy of the
approvals of the state treasurer, attorney general, legislative auditor, and
fiscal administrator;
3. a
certified copy of the court order approving the application;
4. a draft of the proposed loan agreement to
secure repayment of the loan from the fund;
5. proof of publication of the resolution or
ordinance in the official journal of the political subdivision as required in
R.S.
39:1357(F); and
6. a copy of a resolution or ordinance
adopted by the political subdivision authorizing the fiscal administrator to
execute a loan agreement with the department on behalf of the political
subdivision for a loan from the fund setting forth the following:
a. maximum principal amount under the
loan;
b. maximum interest
rate;
c. maximum term of the
loan;
d. repayment schedule of the
loan;
e. security for the loan, if
any;
f. any redemption features of
the loan agreement, including a maximum redemption premium, if any.
G. Upon approval from
the state bond commission, the fiscal administrator on behalf of the political
subdivision shall execute a loan agreement with the department of treasury
containing the details set forth in the application and the adopted resolution
or ordinance.
H. Payments from the
fund shall be made by the department of treasury upon receipt of invoices from
the fiscal administrator approved by the legislative auditor. Such payments
shall not exceed the maximum principal amount as established in the loan
agreement.
I. Payments from the
fund shall be made in the order of approval by the bond commission, absent
circumstances where the department of treasury determines that an emergency
exists or where the fiscal review committee has adopted a motion prioritizing
payments from the fund.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
39:1357.
