La. Admin. Code tit. 71, § III-1107 - Procedures

A. On an as needed basis the staff of State Bond Commission shall mail to the commission members a notice of all such requests submitted to the commission staff that meet the criteria for approval under the rule, and that are scheduled for approval by the executive director. Each borrowing so submitted shall be approved by the executive director of the State Bond Commission 10 days following the mailing of the notice unless a member of the commission, prior to approval by the executive director, requests that the financing be placed on the agenda at the next Bond Commission meeting.

B. If any member of the commission requests that a financing submitted to the staff under the provisions of this rule be placed on the agenda, such financing shall be placed on the agenda for consideration at the next commission meeting in accordance with the commission's rules and regulations.

C. Certification of Compliance with Criteria for Approval of Financing of Movables under Expedited Procedure

CERTIFICATION OF COMPLIANCE WITH CRITERIA FOR APPROVAL OF FINANCING OF MOVABLES UNDER EXPEDITED PROCEDURE

Name of Entity: __________________________________

Equipment to be Purchased: ________________________

Term of Financing: _______________________________

Amount of Financing: _____________________________

Interest Rate: ____________________________________

Maximum Annual Debt Service:_____________________

BEFORE ME, the undersigned authority, personally came and appeared who declared that he/she is the _______ for the and does hereby certify that:

The proposed financing is being entered into for the purpose of acquiring movable property necessary to provide essential governmental services, more specifically the following:

________________________________________________

________________________________________________

________________________________________________

The borrower has sufficient revenues to repay the loan pursuant to the provisions of R.S. 33:2921.

The total amount of financing does not exceed the greater of $100,000 or 10 percent of the borrower's annual revenues.

The provisions of the public bid law, to the extent applicable, have been complied with.

The borrower has not been in default on any debt obligation within the previous five years.

The following documents are attached:

1. the Resolution of the borrower.

2. a copy of the borrower's annual budget.

______________________________

Public Official

Sworn to and subscribed before me, this ____ day of ____, at ____________, Louisiana.

______________________________

Notary Public

Notes

La. Admin. Code tit. 71, § III-1107

Promulgated by the Department of the Treasury, Bond Commission, LR 24:1961 (October 1998).

AUTHORITY NOTE: Promulgated in accordance with R.S. 39:1410.60(B).