SUBPART V. HURRICANE IDA RECOVERY FUND

§100.171. Hurricane Ida Recovery Fund

            A. There is hereby created in the state treasury as a special fund the Hurricane Ida Recovery Fund, hereinafter referred to in this Section as the "fund". Monies appropriated or transferred to the fund shall be deposited by the state treasurer after compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund. Monies in the fund shall be invested in the same manner as monies in the state general fund, and unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Interest earned on the investment of monies in the fund shall be deposited in and credited to the fund. Subject to appropriation, the Department of the Treasury shall administer distribution of monies from the fund.

            B. Up to three percent of monies initially deposited into the fund may be retained by the treasurer for administrative expenses. Subject to final approval of the Joint Legislative Committee on the Budget prior to implementation, the treasurer is hereby authorized and directed to develop policies and procedures for the distribution and administration of monies in the fund. Notwithstanding any provision of law to the contrary, the treasurer may enter into consulting services, professional services, and information and technology services contracts for the purpose of the procurement of any goods or services necessary to implement and expedite the distribution of monies in the fund as emergency procurements exempt from the provisions of the Louisiana Procurement Code and corresponding rules and regulations. The cost of the contracts shall be an administrative expense of the recovery program.

            C. Monies in the fund shall be used to make full or partial payments to eligible entities that suffered loss or damage caused by Hurricane Ida and that were not fully compensated for the loss or damage by insurance and other federal and state disaster resources. For the purposes of this Section, the term "eligible entity" shall mean a political subdivision of the state and shall include school boards. The governing authority of an eligible entity receiving monies pursuant to the provisions of this Section shall apply the money to the cost of repair or replacement of the loss or damage incurred on or after August 29, 2021.

            Acts 2022, No. 167, §4, eff. May 30, 2022; Acts 2023, No. 410, §4, eff. June 15, 2023; Acts 2024, No. 403, §1, eff. May 28, 2024.