RS 3:322 Rural development fund
§322. Rural Development Fund
A. Funds received by the office of rural development under this Part or otherwise made available for the purpose of this Part shall be deposited immediately upon receipt into the state treasury.
B. After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana, relative to the Bond Security and Redemption Fund, and prior to monies being placed in the state general fund, an amount equal to that deposited as required in Subsection A hereof and monies appropriated by the legislature shall be credited to a special fund hereby created in the state treasury to be known as the "Rural Development Fund". The monies in this fund shall be used solely as provided in Subsection C hereof and only in the amounts appropriated by the legislature. All unexpended and unencumbered monies in this fund at the end of the fiscal year shall remain in the fund. The monies in this fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of these monies shall be credited to this fund, again following compliance with the requirement of Article VII, Section 9(B), relative to the Bond Security and Redemption Fund.
C. The monies in the Rural Development Fund shall be used by the office of rural development solely to fund projects developed and coordinated by the office of rural development in rural areas of this state and for the administration and implementation of the provisions of this Part.
D. The Rural Development Fund is hereby authorized to receive monies from the sale of general obligation bonds of the state issued pursuant to Article VII, Section 6 of the Constitution of Louisiana. Such proceeds are to be used for the constitutionally permissible purposes of making capital improvements, providing relief from natural catastrophes, or for the matching of federal funds received for such purposes.
Acts 1991, No. 396, §1; Acts 1992, No. 747, §1, eff. July 7, 1992; Acts 1997, No. 637, §1.