§ 34:2405 — Purpose of bonds

Louisiana § 34:2405

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

For the purpose of acquiring lands or rights of way for the uses of the said district and to provide funds for the making and construction of the public works, facilities, improvements and other lawful purposes outlined in this Chapter, the commission is authorized to issue revenue bonds in the manner and subject to the terms and conditions of Sub-Parts B and C, Part I, Chapter 10, Title 33, as well as industrial inducement revenue bonds in the manner and subject to the requirements of R.S. 39:991 to 39:1001, inclusive, and Article XIV, Section 14, Paragraph (b.3) of the Constitution of Louisiana. The commission is also authorized to incur debt and issue tax secured bonds for the above purposes in the manner and subject to the terms and conditions of Sub-Part A, Part III, Chapter 4, Title 39, as well as industrial inducement bonds in the manner and subject to the requirements of Article XIV, Section 14, Paragraph (b.2) of the Constitution of Louisiana. Bonds shall be issued only after approval at an election held in accordance with the requirements of the applicable constitutional or statutory provisions cited in this paragraph.
In addition to the above power to issue bonds and without reference to any other provisions of the constitution or statutes of the state other than Article XIV, Section 31 of the Constitution, the Madison Parish Port, Harbor and Terminal District is authorized, with the approval of the State Bond and Tax Board, to issue negotiable bonds for any of the purposes described in this Chapter, and to pledge for the payment of the principal and interest of such negotiable bonds the income and revenues derived or to be derived from the properties and facilities maintained and operated by it, or received by the district from other sources. In addition to the pledge of income and revenues to secure said bonds, the district 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. Said district 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, donation, in its discretion, to pledge all or any part of such moneys for the further securing of the payment of the principal and interest of its bonds. Such bonds shall be authorized by a resolution of the commission and shall be of such series, bear such date or dates, mature at such time or times not exceeding forty years from their respective dates, bear interest at such rate or rates not exceeding the applicable constitutional or statutory provision above referred to, payable semi-annually, be in such denominations, be in such form, either coupons or fully registered without coupons, carry such registration and exchangeability privilege, be payable in such medium of payment and at such place or places, be subject to such terms of redemption not exceeding one hundred five percent of the principal amount thereof, and be entitled to such priority on the revenues of the district as such resolution or resolutions may provide. The bonds shall be signed by such officers as the district shall determine, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signatures of such officer or officers of the district as it shall designate. Any such bonds may be issued and delivered, notwithstanding that one or more of the officers signing such bonds or the officer or officers whose facsimile signature or signatures may be upon the coupons shall have ceased to be such officer or officers at the time such bonds shall actually have been delivered.
No proceedings in respect to the issuance of any such bonds shall be necessary except such as are contemplated by this Section, and no further or other legislation shall be required to effectuate the same.

Legislative History

Added by Acts 1966, No. 369, §1. Amended by Acts 1968, No. 111, §2.