Section 17:3369.3 - Authority of the board to execute agreements related to the finance of deferred maintenance and capital improvementsA.(1) Projects may, at the direction of the board, be funded through the issuance of bonds, notes, or other evidences of indebtedness or through financing programs provided by the Louisiana Local Government Environmental Facilities and Community Development Authority, pursuant to R.S. 33:4548.1 et seq., or a public trust duly organized pursuant to R.S. 9:2341 et seq., having for its beneficiary the state, with the approval of the State Bond Commission.(2) Bonds, notes, or other evidences of indebtedness may be issued as serial bonds or as term bonds and shall bear such date or dates, mature at such time or times, not exceeding thirty years from their respective dates, bear interest at such rate or rates, including variable, adjustable, or zero interest rates, be payable at such time or times, be in such denominations, be sold at such price or prices, at public or private negotiated sale, after advertisement as is provided for in R.S. 39:1426 et seq. be in such form, carry such registration and exchangeability privileges, be payable at such place or places, and be subject to such terms of redemption, as may be provided in the indenture, trust agreement, or resolution relating to such bonds. Bonds, notes, or other evidences of indebtedness may be sold in such manner and from time to time as may be determined by the issuer and the board to be most beneficial, subject to approval of the State Bond Commission.(3) Projects financed or constructed on behalf of a system pursuant to the program established in this Part shall not be required to be included in the annual comprehensive capital budget nor obtain legislative approval as provided in R.S. 39:112(G).(4)(a)(i) Projects financed or constructed on behalf of a system pursuant to the program established in this Part shall be administered by the division of administration, office of facility planning and control. The board of a system may enter into agreements with one or more corporations to manage projects which shall comply with the provisions of Public Bid Law. However, the selection of a corporation by the board shall be subject to review by and the approval of the director of the office of facility planning and control, hereinafter referred to in this Paragraph as "director". The commissioner of administration, hereinafter referred to in this Paragraph as "commissioner", shall approve all cooperative endeavor agreements entered into between the board, a corporation, and the state prior to the commencement of any planning, design, or construction activities. Each cooperative endeavor agreement shall set forth the requirements and responsibilities of each party and shall also be in accordance with the guidelines and standards of cooperative endeavor agreements administered by the office of facility planning and control. Each cooperative endeavor agreement shall include an annual appropriation dependency clause and provisions for the selection of designers, contractors, project managers, and other professional services prior to contracts being issued.(ii) Projects undertaken pursuant to the provisions of this Subparagraph shall first be approved by the commissioner and then the commissioner shall submit a list of approved projects to the Joint Legislative Committee on the Budget for approval. The approvals required pursuant to the provisions of this Item shall be secured for each project prior to the expenditure of any funds for planning, design, or construction activities.(iii) Selection of designers, architects, or engineers for any project undertaken pursuant to the provisions of this Subparagraph shall be qualification-based selections and shall be in accordance with the provisions of R.S. 38:2318.1.(iv) Monies to pay for the costs of projects shall be disbursed by the director within forty-five days of submission of project expenses to the director by the board. The director may retain up to one percent of the total cost of each project for costs incurred in administering each project.(b)(i) The provisions of Subparagraph (a) of this Paragraph shall not apply to any project with a total installed cost of less than one million dollars undertaken by a board pursuant to the provisions of this Part if the project is approved by the board, the commissioner, and the director. However, the board of a system may, in its discretion, undertake a project with a total installed cost of less than one million dollars in accordance with the provisions of Subparagraph (a) of this Paragraph if the board determines it is cost efficient and in the best interests of the board to do so.(ii) The director shall monitor projects undertaken by a board pursuant to the provisions of this Subparagraph.(iii) Each board shall submit a written report every six months to the commissioner and the Joint Legislative Committee on Capital Outlay which contains information on the number of projects undertaken by the board, the percent of completion of each project, and the total amount of funds expended on each project.(c) Any corporation entering into an agreement pursuant to the provisions of this Part shall submit a written report every six months to the commissioner, the director, and the Joint Legislative Committee on Capital Outlay which contains information on the percent of completion of each project, the amount of monies expended on each project, the amount of monies needed to complete each project, and the expected timelines for completion of the construction of each project.(5) The board shall exercise its authority granted pursuant to R.S. 17:3361 et seq. as may be necessary to provide for the completion of the projects enumerated in this Section. The board may grant leases of property under its supervision to a corporation for the purpose of financing projects, and the maximum amount of bonds that may be issued shall not exceed two billion dollars, together with other requirements including but not limited to costs of issuance, if any, credit enhancement, and related costs. Notwithstanding any provision of R.S. 17:3361, et seq., to the contrary, the term of any lease agreement made for purposes of this Part shall not exceed thirty years.(6) No bonds, notes, or other evidences of debt may be issued pursuant to the provisions of this Part before July 1, 2026 and the legislature has provided an appropriation for such purpose.(7) No bonds, notes, or other evidences of indebtedness may be issued for any project or by any system for a project to be financed pursuant to this Part after July 1, 2036.B.(1) The maximum amount of bonds that may be issued to finance projects pursuant to this Part shall not exceed two billion dollars, together with other requirements including but not limited to costs of issuance, if any, credit enhancement, and related costs to be allocated to the board of each system as follows: (a) The Southern University System, one hundred fifty-three million dollars.(b) The University of Louisiana System, five hundred twenty-three million dollars.(c) The Louisiana State University System, one billion seventy-one million dollars.(d) The Louisiana Community and Technical College System, two hundred fifty-three million dollars.(2) The proceeds of any bonds issued to finance projects pursuant to the provisions of this Part shall be deposited into the College and University Deferred Maintenance and Capital Improvement Fund as established in R.S. 17:3369.4. Added by Acts 2024, No. 751,s. 1, eff. 6/19/2024.