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CODING: Words in struck through type are deletions from existing law; words underscored
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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; to provide for exemptions; 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
A. All legal agreements for Rapid Response Fund projects shall include all8
of the following:9
(1) A minimum number of direct, full-time created or retained jobs.10
(2) A specified time frame by which these job targets are to be achieved.11
(3) Minimum payroll requirements.12
(4) The total capital investment to be made by the receiving entity, if13
applicable.14
(5) A specified process by which all targets will be validated.15
(6) Required recoupment procedures for nonperformance.16
B. The provisions of this Section shall not apply to economic development17
projects in response to a disaster or emergency declared by the governor, or to18
project agreements with state, local, or federal governmental entities, including the19
military services.20 HB NO. 559
HLS 10RS-126 REENGROSSED
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Section 2. This Act shall become effective January 1, 2011.1
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 time frame for job targets to be achieved.
(3)Minimum payroll requirements.
(4)The total capital investment to be made by the receiving entity, if applicable.
(5)A specified process by which all targets will be validated.
(6)Recoupment procedures for nonperformance.
Proposed law provides that proposed law does not apply to economic development projects
in response to a disaster or emergency declared by the governor, or to project agreements
with state, local, or federal governmental entities, including military services.
Effective Jan. 1, 2011.
(Adds R.S. 51:2362)
Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Commerce to the original
bill.
1. Removed salary expectations, reporting requirements, and the minimum level of
capital investment from the agreements but included minimum payroll
requirements and the total capital investment, if applicable.
2. Provided that proposed law does not apply to economic development projects in
response to agreements with state, local, or federal governmental entities,
including military services.
House Floor Amendments to the engrossed bill.
1. Clarified that economic development projects in response to a disaster or
emergency declared by the governor are exempt from the provisions of proposed
law.