§ 34:216 — Authority for issuance of bonds

The board of commissioners, as governing authority of the Lake Charles Harbor and Terminal District, 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 revenues derived from the operation of properties and facilities maintained and operated by it, and all other revenues received by the board of commissioners from other sources; provided, however, that the amount of such bonds and notes outstanding at any one time shall not exceed one hundred million dollars. Such bonds shall be issued by the board of commissioners with such dates, forms, terms, series, interest rates not to exceed eight percent per annum, maturities, denominations, redemption, registration and convertibility provisions and security provisions as the board of commissioners may determine in compliance with the constitution and laws of the state of Louisiana, as herein amended, and the board of commissioners shall have complete authority to incur debt and issue bonds of each type and in every manner provided by these laws. The board of commissioners 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. Neither the full faith and credit of the state of Louisiana or the Lake Charles Harbor and Terminal District shall secure any bonds issued pursuant to this Section.

Legislative History

Added by Acts 1973, No. 81, §1.