Louisiana Revised Statutes 39:100.53 – A. There is hereby created in the state treasury, as a special fund, the Granting Unserved Municipalities Broadband Opportunities (GUMBO) Fund, hereinafter referred to in this Sectio
Terms Used In Louisiana Revised Statutes 39:100.53
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts recording cash or other resources together with all related liabilities, obligations, reserves, and equities which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with regulations, restrictions, and limitations. See Louisiana Revised Statutes 39:2
- Program: means a grouping of activities directed toward the accomplishment of a clearly defined objective or set of objectives. See Louisiana Revised Statutes 39:2
A. There is hereby created in the state treasury, as a special fund, the Granting Unserved Municipalities Broadband Opportunities (GUMBO) Fund, hereinafter referred to in this Section as the “fund”. The treasurer is hereby authorized and directed to transfer ninety million dollars from the Louisiana Coronavirus Capital Projects Fund into the fund.
B. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Monies in the fund shall be invested in the same manner as monies in the state general fund. Interest earned on the investment of monies in the fund shall be deposited in and credited to the fund.
C. Monies in the fund shall be used to provide grants to help fund broadband access in rural and disadvantaged areas pursuant to the provisions of the Granting Unserved Municipalities Broadband Opportunities program established by law.
Acts 2021, No. 410, §1, eff. June 17, 2021.