House Bill No. [insert bill number] seeks to establish the Louisiana Rural Infrastructure Revolving Loan Program, aimed at providing funding for a variety of infrastructure projects throughout the state. The bill amends several sections of existing law, specifically R.S. 39:462.1, 462.2, 462.3, 462.4, and 462.5, while introducing new provisions under R.S. 39:462.1(A)(4). Key insertions emphasize the necessity for increased investment in Louisiana's physical infrastructure, particularly in water, energy, and hazard mitigation. The bill outlines the administration of funds, eligibility criteria for borrowers—including political subdivisions and private entities—and the establishment of advisory committees to oversee project eligibility and compliance.

Significant changes include transferring the program's maintenance from the Department of the Treasury to the Office of Rural Development, expanding loan eligibility beyond local governments to include private entities, and repealing the previous maximum loan amount of $1.5 million. The bill also modifies the definitions of eligible infrastructure projects to encompass a broader range of activities, including energy production and disaster mitigation. Additionally, it introduces new requirements for loan applications, mandating evidence of authority for borrowers and establishing accounts within the fund for better financial management. The updated publication requirements for loan notices reflect the new jurisdictional boundaries of local governmental subdivisions, with the proposed changes set to take effect on July 1, 2026.

Statutes affected:
HB1200 Original: 39:1(A)(3), 39:4(A), 39:5(A)