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A.  All legal agreements for Rapid Response Fund projects shall include all of the following:

(1)  A minimum number of direct, full-time created or retained jobs.

(2)  A specified time frame by which these job targets are to be achieved.

(3)  Minimum payroll requirements.

(4)  The total capital investment to be made by the receiving entity, if applicable.

(5)  A specified process by which all targets will be validated.

(6)  Required recoupment procedures for nonperformance.

B.  The provisions of this Section shall not apply to economic development projects in response to a disaster or emergency declared by the governor, or to project agreements with state, local, or federal governmental entities, including the military services.

Acts 2010, No. 383, §1, eff. Jan. 1, 2011.