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)]
HB 497 Engrossed 2019 Regular Session Abramson
Abstract: Authorizes the owner of a project which received capital outlay funding through general
obligation bond (GOB) proceeds to sell or dispose of the property with the prior approval
of the commissioner and the House Committee onWays and Means and Senate Committee
on Revenue and Fiscal Affairs.
Proposed law limits the owner of a project that received GOB funding through the capital outlay
budget from selling or otherwise disposing of the project while repayment of the bonds, including
debt service, is outstanding without the prior approval of the commissioner of administration and
the House Committee on Ways and Means and Senate Committee on Revenue and Fiscal Affairs,
hereinafter "legislative committees". The legislative committees must approve the sale or disposal
of the property by a majority vote. Further, proposed law requires the property owner to meet any
conditions or requirements prior to selling or disposing of the project.
Effective July 1, 2019, and applicable for all projects included in the capital outlay budget for fiscal
years commencing on and after July 1, 2019.
(Adds R.S. 39:125.1)
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Ways and Means to the original
bill:
1. Change proposed law from a prohibition to an authorization for the owner of a project
that received GOB funding through the capital outlay budget to sell or dispose of the
project while repayment of the bonds are outstanding. The authority to dispose or sell the
property requires prior approval of the commissioner of administration and the legislative
committees.
2. Require the property owner to meet any conditions or requirements prior to disposing of
the project.
3. Remove the requirement of the property owner to repay the total amount of funding the
project received through the capital outlay budget and the requirement to pay a penalty.