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
Universal Citation: LA Admin Code III-1103
Current through Register Vol. 50, No. 9, September 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.
AUTHORITY NOTE: Promulgated in accordance with R.S. 39:1410.60(B).
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