Louisiana Revised Statutes 34:3477 – Allocation, reallocation of funds; deposit to Dredging and Deepening Fund
Terms Used In Louisiana Revised Statutes 34:3477
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
- Governmental entity: means the state or any political subdivision and the federal government as a cost share partner. See Louisiana Revised Statutes 34:3471
- Office: means the office of multimodal commerce within the Department of Transportation and Development. See Louisiana Revised Statutes 34:3471
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Waterway: means any navigable bayou, canal, channel, or river, or portion thereof. See Louisiana Revised Statutes 34:3471
A. The Dredging and Deepening Fund is hereby created within the state treasury and shall be a source of state funds in addition to capital outlay projects, the general fund, and other sources, provided for any waterway project on the priority list approved pursuant to the provisions of this Chapter.
B. Prior to the commencement of any work, the office shall require the presiding officer of each governmental entity involved in a project to execute an agreement and statement of sponsorship to provide no less than a ten percent local match for the cost of the project.
C. A sponsoring authority may make application under the provisions of this Chapter to receive a portion of the funds required to participate in a federal matching program.
D. Any monies allocated for any project not needed for said project may be reallocated for the completion of any other project or projects specified. Any monies not needed for the completion of said projects shall be deposited in and credited to the Dredging and Deepening Fund.
E. The sources of monies deposited into the fund shall be legislative appropriations and grants, gifts, and donations received by the state for the purposes of this Chapter. Monies in the fund shall be subject to appropriation by the legislature and shall be available exclusively for waterway projects. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Such monies shall be invested by the treasurer in the same manner as the monies in the state general fund, and all interest earned shall be credited to the fund following compliance with the requirements of La. Const. Art. VII, § 9(B) , relative to the Bond Security and Redemption Fund.
Acts 2017, No. 382, §1, eff. July 1, 2017.