ENROLLED
2019 Regular Session
HOUSE BILL NO. 497
BY REPRESENTATIVE ABRAMSON
1 AN ACT
2 To enact R.S. 39:125.1, relative to projects in the capital outlay budget; to limit the disposal
3 of projects which received capital outlay funding; to require certain approval before
4 a project is disposed of or sold; to provide for certain requirements and limitations;
5 to provide for applicability; to provide for an effective date; and to provide for
6 related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 39:125.1 is hereby enacted to read as follows:
9 ยง125.1. Disposal of projects which received funding through the capital outlay
10 budget; limitations; requirements
11 For projects included in the capital outlay budget for fiscal years beginning
12 on or after July 1, 2019, the owner of a project that received funding through the sale
13 of general obligation bonds for acquiring lands, buildings, equipment, or other
14 permanent properties, or for the preservation or development of permanent
15 improvement through the capital outlay budget shall not sell or otherwise dispose of
16 the project while repayment of the bonds, including debt service, by the state is
17 outstanding unless all of the following conditions are met.
18 (1) The property owner obtains, at his own cost, an opinion from current
19 bond counsel to the state that the sale will not affect the tax exempt status of the
20 bonds.
21 (2) The property owner receives prior approval by the commissioner of
22 administration.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HB NO. 497 ENROLLED
1 (3) The property owner receives prior approval by majority vote of both the
2 House Committee on Ways and Means and the Senate Committee on Revenue and
3 Fiscal Affairs.
4 (4) All other conditions required for the disposal of the project by the
5 property owner have been met.
6 Section 2. The provisions of this Act shall be applicable to the funding of all projects
7 included in the capital outlay budget for fiscal years commencing on and after July 1, 2019.
8 Section 3. This Act shall become effective on July 1, 2019.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.