Louisiana State Infrastructure Bank Amendment, HB 628 (2014)

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State Infrastructure Bank Amendment
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Constitution:Constitutional amendment
Referred by:Louisiana State Legislature
Topic:Banking
Status:On the ballot

The Louisiana State Infrastructure Bank Amendment, HB 628 is on the November 4, 2014 ballot in Louisiana as a legislatively-referred constitutional amendment. The measure, upon voter approval, would authorize the investment of public funds to create a state infrastructure bank. The bank would loan, pledge, guarantee and donate public funds to eligible transportation projects.[1]

The amendment was sponsored in the Louisiana Legislature by Rep. Karen St. Germain (D-60) and Sen. Francis Thompson (D-34) as House Bill 628.[1]

Text of measure

Ballot title

The proposed ballot text reads as follows:[1]

Do you support an amendment to authorize the investment of public funds to capitalize a state infrastructure bank and the loan, pledge, guarantee, or donation of public funds by a state infrastructure bank for eligible transportation projects? (Amends Article VII, Section 14(B))[2]

Constitutional changes

2014 measures
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November 4
HB 256
HB 532
HB 533
SB 128
HB 131
SB 56
SB 96
HB 426
HB 111
HB 96
HB 628
HB 489
HB 488
HB 341
Endorsements

The proposed amendment would amend Section 14(B) of Article VII of the Constitution of Louisiana:[1]

[Section 14.] (B) Authorized Uses. Nothing in this Section shall prevent (1) the use of public funds for programs of social welfare for the aid and support of the needy; (2) contributions of public funds to pension and insurance programs for the benefit of public employees; (3) the pledge of public funds, credit, property, or things of value for public purposes with respect to the issuance of bonds or other evidences of indebtedness to meet public obligations as provided by law; (4) the return of property, including mineral rights, to a former owner from whom the property had previously been expropriated, or purchased under threat of expropriation, when the legislature by law declares that the public and necessary purpose which originally supported the expropriation has ceased to exist and orders the return of the property to the former owner under such terms and conditions as specified by the legislature; (5) acquisition of stock by any institution of higher education in exchange for any intellectual property; (6) the donation of abandoned or blighted housing property by the governing authority of a municipality or a parish to a nonprofit organization which is recognized by the Internal Revenue Service as a 501(c)(3) or 501(c)(4) nonprofit organization and which agrees to renovate and maintain such property until conveyance of the property by such organization; (7) the deduction of any tax, interest, penalty, or other charges forming the basis of tax liens on blighted property so that they may be subordinated and waived in favor of any purchaser who is not a member of the immediate family of the blighted property owner or which is not any entity in which the owner has a substantial economic interest, but only in connection with a property renovation plan approved by an administrative hearing officer appointed by the parish or municipal government where the property is located; (8) the deduction of past due taxes, interest, and penalties in favor of an owner of a blighted property, but only when the owner sells the property at less than the appraised value to facilitate the blighted property renovation plan approved by the parish or municipal government and only after the renovation is completed such deduction being canceled, null and void, and to no effect in the event ownership of the property in the future reverts back to the owner or any member of his immediate family; (9) the donation by the state of asphalt which has been removed from state roads and highways to the governing authority of the parish or municipality where the asphalt was removed, or if not needed by such governing authority, then to any other parish or municipal governing authority, but only pursuant to a cooperative endeavor agreement between the state and the governing authority receiving the donated property; (10) the investment in stocks of a portion of the Rockefeller Wildlife Refuge Trust and Protection Fund, created under the provisions of R.S. 56:797, and the Russell Sage or Marsh Island Refuge Fund, created under the provisions of R.S. 56:798, such portion not to exceed thirty-five percent of each fund; (11) the investment in stocks of a portion of the state-funded permanently endowed funds of a public or private college or university, not to exceed thirty-five percent of the public funds endowed; or (12) the investment in equities of a portion of the Medicaid Trust Fund for the Elderly created under the provisions of R.S. 46:2691 et seq., such portion not to exceed thirty-five percent of the fund.; or (13) the investment of public funds to capitalize a state infrastructure bank and the loan, pledge, guarantee, or donation of public funds by a state infrastructure bank for eligible transportation projects.[2]


Path to the ballot

See also: Amending the Louisiana Constitution

A two-thirds majority vote was required in the Louisiana Legislature in order to place the constitutional amendment on the ballot. HB 628 was approved in the Louisiana Senate on May 30, 2014. The measure was approved by the Louisiana House on June 1, 2014. The measure was enrolled with the secretary of state on June 2, 2014.[3]

Senate vote

May 30, 2014 Senate vote

Lousiana HB 628 Senate Vote
ResultVotesPercentage
Approveda Yes 34 100.00%
No00.00%

House vote

June 1, 2014 House vote

Lousiana HB 628 House Vote
ResultVotesPercentage
Approveda Yes 93 100.00%
No00.00%

See also

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External links

References

  1. 1.0 1.1 1.2 1.3 Louisiana Legislature, "House Bill No. 628," accessed June 13, 2014
  2. 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
  3. Louisiana Legislature, "HB628 Bill Info," accessed June 13, 2014