§100.53. Granting Unserved Municipalities Broadband Opportunities Fund

            A. There is hereby created in the state treasury, as a special fund, the Granting Unserved Municipalities Broadband Opportunities (GUMBO) Fund, hereinafter referred to in this Section as the "fund". The treasurer is hereby authorized and directed to transfer ninety million dollars from the Louisiana Coronavirus Capital Projects Fund into the fund.

            B. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Monies in the fund shall be invested in the same manner as monies in the state general fund. Interest earned on the investment of monies in the fund shall be deposited in and credited to the fund.

            C. Monies in the fund shall be used to provide grants to help fund broadband access in rural and disadvantaged areas pursuant to the provisions of the Granting Unserved Municipalities Broadband Opportunities program established by law.

            Acts 2021, No. 410, §1, eff. June 17, 2021.