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Code · Louisiana · Title 39 — Public Finance

RS 39:1485

285 words·~1 min read·/la/title-39/39-285

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RS 39:1485
§1485. Cooperative endeavor agreement; term; public fund matching
A. Within thirty calendar days after adoption of administrative rules promulgated for the implementation of this Chapter, the regional economic development organization and the state shall enter into a cooperative endeavor agreement as provided for in R.S. 33:9029.2. The objectives and intent of each cooperative endeavor agreement shall be in conformity with the objectives and intent of this Chapter. Accordingly, the obligations of the regional economic development organization set forth in the cooperative endeavor agreement shall be limited to the following:
(1)Identifying high-priority sites for the purpose of attracting economic development projects.
(2)Developing high-priority sites for the purpose of attracting economic development projects.
(3)Developing and subsequently providing an annual report of all activities related to the objectives of the cooperative endeavor agreement undertaken in the previous year.
(4)Maintaining records and an accurate accounting of all expenditures.
(5)Adhering to state and federal nondiscrimination laws.
(6)Adhering to the provisions of R.S. 39:1602.1.
(7)Applying a ten percent local match as provided for in Subsection C of this Section.
B. The initial cooperative endeavor agreement with each regional economic development organization shall have an initial term of two years. Thereafter the initial cooperative endeavor agreement with a regional economic development organization shall automatically renew for successive one-year periods until such time as all initial funds provided in the agreement have been expended.
C. A regional economic development organization shall not expend any grant funds without simultaneously applying local matching funds equaling ten percent of the cost being paid. Funds originating from any lawful source other than the state shall constitute local matching funds.
Acts 2022, No. 556, §1, eff. June 17, 2022.
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