Louisiana Transportation Infrastructure Bank, Amendment 4 (2014)

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Amendment 4
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Constitution:Constitutional amendment
Referred by:Louisiana State Legislature
Topic:Banking
Status:Defeated Defeatedd
2014 measures
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November 4
Amendment 1 Approveda
Amendment 2 Approveda
Amendment 3 Defeatedd
Amendment 4 Defeatedd
Amendment 5 Defeatedd
Amendment 6 Approveda
Amendment 7 Approveda
Amendment 8 Approveda
Amendment 9 Defeatedd
Amendment 10 Approveda
Amendment 11 Defeatedd
Amendment 12 Defeatedd
Amendment 13 Defeatedd
Amendment 14 Defeatedd
Endorsements

The Louisiana Transportation Infrastructure Bank, Amendment 4 was on the November 4, 2014 ballot in Louisiana as a legislatively-referred constitutional amendment, where it was defeated. The measure would have authorized the investment of public funds to create a state infrastructure bank. The bank would have loaned, pledged, guaranteed and donated 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]

Election results


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This ballot measure article has preliminary election results. Certified election results will be added as soon as they are made available by the state or county election office. The following totals are as of 100 percent of precincts reporting.

Louisiana Amendment 4
ResultVotesPercentage
Defeatedd No894,10567.52%
Yes 430,027 32.48%

Election results via: 'Louisiana Secretary of State'

Text of measure

Ballot title

The proposed ballot text read 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

See also: Article VII, Louisiana Constitution

The proposed amendment would have amended 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]


Support

A full list of legislators by how they voted on the amendment can be found here.

Arguments

The Public Affairs Research Council provided arguments for and against the constitutional amendment. The following was the council's argument in support:

Proponents of the amendment say new financing sources are needed to address Louisiana’s many needs for road improvements and infrastructure that would provide safer and less congested driving conditions and stimulate the economy. The state has deteriorating roads and a severely underfunded infrastructure. The current fuel tax, based on the volume of fuel sales, is not keep- ing up with the growing costs and needs of highway work. Although this amendment would not create an infrastructure bank, it would be an initial affirmative step in that direction. The infrastructure bank would allow projects to be funded without having to raise a new tax or fee.

[2]

—Public Affairs Research Council[3]

Opposition

A full list of legislators by how they voted on the amendment can be found here.

Arguments

The Public Affairs Research Council provided arguments for and against the constitutional amendment. The following was the council's argument against:

This amendment would allow for the funding of an agency that has not been created yet. There- fore, this amendment and its financing mechanism should not be implemented until the Legisla- ture can agree on a complementary package of bills that would fully implement an infrastructure bank and its financing process. Also, the Louisiana Transportation Infrastructure Bank would cost money. According to the Legislative Fiscal Office, operating expenses for the bank would be $300,000-$400,000 per year, which would have to be covered by revenue generated from its loan program.

[2]

—Public Affairs Research Council[3]

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.[4]

Senate vote

May 30, 2014 Senate vote

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

House vote

June 1, 2014 House vote

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

See also

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External links

References