Increases the amount dedicated for deposit into the Unclaimed Property Leverage Fund and establishes the LA 1 Improvement Project Account with the fund (RE -$15,000,000 GF RV See Note)
Impact
The bill directly affects state laws governing how unclaimed property funds can be utilized, redirecting a portion of these funds to a specific infrastructure project. The establishment of the LA 1 Improvement Project Fund allows the Department of Transportation and Development to leverage state funds effectively, also enabling them to match additional federal or other funding sources. Historically, the issuance of unclaimed property bonds has been limited to the I-49 North and South projects, and HB 703 extends this capability to the LA 1 project, which is intended to boost local infrastructure significantly.
Summary
House Bill 703 establishes the LA 1 Improvement Project Fund within the state treasury, with a dedicated annual allocation of $15 million starting from the Fiscal Year 2020-2021. The funding for this project comes from unclaimed property revenues, which are essentially funds the state holds until claimed by their rightful owners. This initiative is aimed at financing the construction and enhancement of Louisiana Highway 1, stretching from Golden Meadow to Leeville in southern Lafourche Parish. The bill outlines the framework for using these funds and authorizes the issuance of unclaimed property bonds to facilitate financing for the improvement project.
Sentiment
The sentiment surrounding HB 703 appears largely supportive, especially among stakeholders interested in infrastructure development and economic growth in southern Louisiana. Proponents of the bill argue that enhancing Highway 1 is crucial for local communities and the movement of goods and services. However, concerns may arise regarding the allocation of unclaimed property funds, with some advocating for broader uses of this money rather than solely funneling it towards specific infrastructure projects.
Contention
One point of contention regarding HB 703 could involve the prioritization of funding for infrastructure projects over other potential uses of unclaimed property funds, especially in times of budget constraints. There may be discussions over whether such specific allocations are the best way to utilize funds that could potentially address a variety of state needs. Furthermore, the limitations placed on the use of funds from this project might trigger debates over future decisions regarding funding for other public services that could benefit local communities.
Establishes a temporary dedication of a portion of certain revenues available under the Uniform Unclaimed Property Act for purposes of the Comite River Diversion Canal project (OR -$20,000,000 GF EX See Note)
Increases the amount of monies dedicated into the Unclaimed Property Leverage Fund and provides with respect to limitations on state debt (OR -$15,000,000 GF RV See Note)
Dedication of unclaimed property funds and creation of Louisiana Unclaimed Property Permanent Trust Fund and Louisiana Unclaimed Property Support Fund (RE -$24,700,000 GF RV See Note)
Requires a portion of the monies in the Unclaimed Property Leverage Fund to be dedicated to the Louisiana Early Childhood Education Fund (RR -$10,000,000 GF RV See Note)
Dedication of unclaimed property funds and creation of Louisiana Unclaimed Property Permanent Trust Fund. (Item #10) (See Act) (EN -$25,000,000 GF RV See Note)
(Constitutional Amendment) Dedication of unclaimed property funds and creation of Louisiana Unclaimed Property Permanent Trust Fund and Louisiana Unclaimed Property Support Fund (RR -$24,700,000 GF RV See Note)
A bill for an act relating to property taxes by modifying the methodology for determining actual value of residential property, certain levy rates, and assessment limitations of certain classes of property, and including retroactive applicability provisions.
Requires DEP to establish "private wildlife habitat certification program"; creates affirmative defense against municipal nuisance ordinances for properties certified under the program.
Requires DEP to establish "private wildlife habitat certification program"; creates affirmative defense against municipal nuisance ordinances for properties certified under the program.