§3477. Allocation, reallocation of funds; deposit to Dredging and Deepening Fund

            A. The Dredging and Deepening Fund is hereby created within the state treasury and shall be a source of state funds in addition to capital outlay projects, the general fund, and other sources, provided for any waterway project on the priority list approved pursuant to the provisions of this Chapter.

            B. Prior to the commencement of any work, the office shall require the presiding officer of each governmental entity involved in a project to execute an agreement and statement of sponsorship to provide no less than a ten percent local match for the cost of the project.

            C. A sponsoring authority may make application under the provisions of this Chapter to receive a portion of the funds required to participate in a federal matching program.

            D. Any monies allocated for any project not needed for said project may be reallocated for the completion of any other project or projects specified. Any monies not needed for the completion of said projects shall be deposited in and credited to the Dredging and Deepening Fund.

            E. The sources of monies deposited into the fund shall be legislative appropriations and grants, gifts, and donations received by the state for the purposes of this Chapter. Monies in the fund shall be subject to appropriation by the legislature and shall be available exclusively for waterway projects. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Such monies shall be invested by the treasurer in the same manner as the monies in the state general fund, and all interest earned shall be credited to the fund following compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana, relative to the Bond Security and Redemption Fund.

            Acts 2017, No. 382, §1, eff. July 1, 2017.