§ 34:1653 — Authority for issuance of bonds; levy of taxes

Louisiana § 34:1653

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

§1653. Authority for issuance of bonds; levy of taxes
A. The commission, as governing authority of Greater Lafourche Port District, with
the approval of the State Bond Commission, is authorized to incur debt for its lawful
purposes and to issue in its name, negotiable bonds or notes therefor, and to pledge for the
payment of the principal and interest of such negotiable bonds or notes all or any part of the
revenue derived from the ad valorem taxes in this Section provided, revenues derived from
the operation of properties and facilities maintained and operated by it, and all other revenues
received by the commission from other sources. Such bonds shall be issued by the
commission with such dates, forms, terms, series, interest rates, maturities, denominations,
redemption, registration and convertibility provisions and security provisions as the
commission may determine in compliance with the provisions of Subpart B of Part VIII of
Chapter 1 of Title 34 of the Louisiana Revised Statutes of 1950, comprised of R.S. 34:340.1
through 340.6, and the commission shall have complete authority to incur debt and issue
bonds of each type in every manner provided by the constitutional provision. Unless
otherwise provided in the authorizing resolution, all bonds, when authorized to be issued,
shall constitute a general obligation of the commission to the payment of which the full faith
and credit of the commission and the district shall be and are hereby pledged. In addition to
the pledge of revenues to secure the bonds and notes, the commission may further secure
their payment by a conventional mortgage upon any or all of the properties constructed or
acquired, or to be constructed and acquired by it. 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 thereof, and unless
otherwise provided by the terms of such gift, grant or donation, in its discretion, it may
pledge all or any part of such moneys for the further securing of the payment of the principal
and interest of its bonds or notes.
B. The commission may levy within the district an ad valorem tax of five mills on
the dollar upon all taxable property for the needs and lawful purposes of the commission,
such tax having been heretofore voted at an election held on April 8, 1961. The revenues
from the tax shall constitute revenues of the commission which may be pledged to the
payment of its negotiable bonds or notes and, if so pledged, the tax shall be levied and
collected as long as the bonds or notes are outstanding in a sufficient amount to pay such
bonds or notes in principal and interest as they respectively mature. Any resolution
authorizing the issuance of bonds or notes of the commission may contain such covenants
as the commission may deem proper to assure the enforcement, collection and proper
application of tax or other revenues pledged and dedicated to the payment and security of the
respective bonds or notes.

Legislative History

Added by Acts 1960, No. 222, §1. Amended by Acts 1962, No. 11, §1; Acts 1968, No. 521, §2; Acts 2019, No. 278, §1, eff. June 11, 2019.