LAC 13:I.1719. Contract Subject to Annual Audit and Review

A. The contract shall provide that the applicant will be subject to an annual audit by the Louisiana legislative auditor. The company will receive notice of the annual review 45 days in advance. A review fee of $100 must be returned and received 15 days prior to the appointment date of the annual review. The contract will be reviewed annually by both the Board of Commerce and Industry and the Joint Legislative Committee of the Budget. Should the audit or other review or other known facts and circumstances uncover a violation of the contract, the Board of Commerce and Industry, with the approval of the governor and the Joint Legislative Committee of the Budget, shall give notice, thereof. in writing, and unless the violation is corrected within 90 days, any remaining portion of the exemption from taxation granted under any contract entered into under this statute may be canceled. The contract may also be canceled if the need for the exemption or the grounds for the exemption are no longer applicable.