Louisiana House Bill HB697

Louisiana 2018 Regular Session

• Introduced: 3/12/18
• Refer: 3/13/18

Caption

Establishes the Comite River Diversion Canal Fund as a special fund within the state treasury and dedicates proceeds of state sales of unclaimed noncash assets to the fund (OR -$4,000,000 GF EX See Note)

Impact

The establishment of the Comite River Diversion Canal Fund is likely to have a considerable impact on state laws regarding funding allocation and infrastructure development. By prioritizing the completion of the canal project, the bill positions Louisiana to enhance its disaster preparedness and qualify for reduced flood insurance premiums. The emphasis on using revenues from unclaimed assets means that funds previously untapped could now be channeled directly into necessary infrastructure projects, thereby impacting the allocation of resources within the state's treasury and potentially leading to improved risk management practices in flood-prone areas.

Summary

House Bill 697 establishes the Comite River Diversion Canal Fund as a special fund within the state treasury. This bill aims to provide dedicated financial resources for the construction of the Comite River Diversion Canal, which is critical for preventing future flooding and enhancing the region's flood management capabilities. By ensuring that funding is sourced primarily from sales of unclaimed property noncash assets, the bill seeks to create a sustainable financial framework for the canal project, which is essential to support not only local infrastructure but also to protect existing investments in recovery from past flooding events, such as the significant impacts from the 2016 floods.

Sentiment

Overall, the sentiment surrounding HB 697 appears to be favorable, particularly among stakeholders who prioritize flood prevention and disaster readiness. Proponents argue that the bill represents a proactive stance on infrastructure and public safety, promoting long-term economic stability. However, the fiscal implications of relying on unclaimed property funds as a primary source for the canal project may raise concerns regarding fiscal management and priorities in the legislature, suggesting that careful oversight will be necessary to ensure transparency and accountability in fund utilization.

Contention

While HB 697 has garnered support for its objectives, there are also notable points of contention. Critics may be concerned about the sustainability of funding sources, questioning whether relying on unclaimed property assets can sufficiently support ongoing infrastructure needs beyond the canal project. Additionally, potential resistance might arise from differing perspectives on funding allocations, with some advocating for alternative means of addressing flood prevention or expressing concerns about the prioritization of the canal project over other urgent infrastructure needs in the state.