HLS 10RS-126 ORIGINAL
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2010
HOUSE BILL NO. 559
BY REPRESENTATIVE WADDELL
COMMERCE: Establishes statutory requirements to guide future Rapid Response Fund
project agreements
AN ACT1
To enact R.S. 51:2362, relative to the Rapid Response Fund; to provide for mandatory2
accountability requirements for each legal agreement involving Rapid Response3
Fund projects; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 51:2362 is hereby enacted to read as follows: 6
ยง2362. Accountability requirements7
All legal agreements for Rapid Response Fund projects shall include all of8
the following:9
(1) A minimum number of direct, full-time created or retained jobs.10
(2) A specified timeframe by which these job targets are to be achieved.11
(3) Specific salary expectations for job commitments, with emphasis on wage12
levels in excess of federal poverty.13
(4) Reporting requirements that indicate health insurance benefits, salary and14
wage levels, and indirect job estimates.15
(5) A minimum level of capital investment to be made by the receiving16
entity.17
(6) A specified process by which all targets will be validated.18
(7) Required recoupment procedures for nonperformance.19
Section 2. This Act shall become effective January 1, 2011.20 HB NO. 559
HLS 10RS-126 ORIGINAL
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Waddell HB No. 559
Abstract: Requires legal agreements for Rapid Response Fund projects to include
accountability requirements.
Proposed law, beginning Jan. 1, 2011, all legal agreements for Rapid Response Fund projects
will be required to include the following information:
(1)The minimum number of full-time created or retained jobs.
(2)A specified timeframe for job targets to be achieved.
(3)Specific salary expectations for job commitments, with emphasis on wage levels in
excess of federal poverty.
(4)Reporting requirements that indicate health insurance benefits, salary and wage
levels, and indirect job estimates.
(5)A minimum level of capital investment to be made by the receiving entity.
(6)A specified process by which all targets will be validated.
(7)Recoupment procedures for nonperformance.
Effective Jan. 1, 2011.
(Adds R.S. 51:2362)