§ 34:1454 — Authority for general obligation bonds

Louisiana § 34:1454

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

§1454. Authority for general obligation bonds
A. The commission, with the approval of the State Bond Commission, is authorized
to incur debt for its lawful purposes and to issue in its name, negotiable general obligation
bonds or notes therefor, and to pledge, for the payment of the principal and interest of such
negotiable bonds or notes, the revenues derived by the commission from the operation of
properties and facilities acquired, constructed, maintained, or operated by the commission,
or received by the commission from other sources; provided, however, that the amount of
such bonds and notes outstanding at any one time shall not exceed fifteen million dollars.
Such bonds or notes, when authorized to be issued, shall constitute, first, a general obligation
of the commission, and secondly, the full faith and credit of the parish of St. Landry and the
state of Louisiana shall be and are hereby pledged to secure such bonds or notes. In addition
to the pledge of revenues to secure the bonds and notes, the commission may further secure
their payment by granting one or more conventional mortgages upon any or all of the
properties constructed, acquired, maintained, or operated, or to be constructed, acquired,
maintained, or operated, by it or upon its interest as lessor under leases granted by the
commission to third parties on property acquired, constructed, maintained, or operated by the
commission. The commission is further authorized to receive, by gift, grant, donation, or
otherwise any sum of money, aid, or assistance from the United States, the state of Louisiana,
or any political subdivision of the state, and unless otherwise provided by the terms of such
gift, grant, or donation, to pledge all or any part of such monies for the further securing of
the payment of the principal and interest of its bonds or notes.
B. There shall never be levied for and in the port area any ad valorem tax upon and
limited solely to the property in the port area.

Legislative History

Added by Acts 1956, No. 228, §1. Amended by Acts 1956, No. 246, §1; Acts 1976, No. 325, §1; Acts 2016, No. 325, §1, eff. June 2, 2016.