§ 33:4710.27 — Leases

Louisiana § 33:4710.27

• Jurisdiction: Louisiana
• Title 33: Municipalities and Parishes

Text

§4710.27. Leases
A. In addition to any other powers of the authority and without reference to any other
provision of the constitution or laws of Louisiana, the authority may pledge its taxes,
revenues, securities, and other monies to secure any lease or sublease entered into by the
authority. Such taxes, revenues, securities, and other monies so pledged and then held or
thereafter received by the authority or any fiduciary shall immediately be subject to the lien
of such pledge without any physical delivery thereof or further act, and the lien of any such
pledge shall be valid and binding as against all parties having claims of any kind in tort,
contract, or otherwise against the authority, whether or not such parties have notice thereof.
The instrument by which such a pledge is created need not be filed or recorded except in the
official minutes of the authority.
B. When any lease or sublease is secured by any tax, fee, or charge authorized by this
Chapter, neither the legislature nor the authority shall discontinue or decrease the applicable
taxes, fees, or charges or permit to be discontinued or decreased the applicable taxes, fees,
or charges in anticipation of the collection of which such leases or subleases, or both, have
been entered into, or in any way make any change in the allocation and dedication of the
proceeds of such taxes, fees, or charges which would diminish the amount of the applicable
revenues to be received by the authority until all of such leases or subleases, or both, shall
have expired.

Legislative History

Acts 2019, No. 172, §1.