RÉSUMÉ DIGEST
ACT 112 (HB 3) 2021 Regular Session Bishop
New law enacts the Omnibus Bond Authorization Act of 2021. Provides for the
implementation of a five-year capital improvement program; provides for the repeal of
certain prior bond authorizations; provides for new bond authorizations; provides for
authorization and sale of such bonds by the State Bond Commission; and provides for related
matters.
New law authorizes and directs the treasurer to transfer to the Bond Security and Redemption
Fund any unexpended bond proceeds balance of any general obligation account created prior
to 2018 having a balance of $10,000 or less to be expended on general obligation bond debt
service of the related bonds (including any bonds issued to refinance such bonds). If the
bonds or refunding bonds are no longer outstanding, then the unexpended bond proceeds
shall be applied to pay debt service on any outstanding general obligation bonds.
New law provides that each project included in Section 1 of HB No. 2 of the 2021 R.S. has
until June 5, 2021, to submit a capital outlay budget request application, and if the project
application is submitted by that date, the project is deemed to have complied with late
approval requirements in existing law. Further provides that capital outlay budget requests
and supporting documents for projects which did not meet the Nov. 1, 2018, application
deadline that comply with the provisions of new law shall be deemed to be in compliance
with existing constitutional requirements regarding feasability studies.
Effective upon signature of governor (June 7, 2021).