La. Admin. Code tit. 71 § III-1103

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-1103 - Criteria

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.

La. Admin. Code tit. 71, § III-1103

Promulgated by the Department of the Treasury, Bond Commission, LR 24:1961 (October 1998).

AUTHORITY NOTE: Promulgated in accordance with R.S. 39:1410.60(B).