§ 34:333.10 — Bond issues

Louisiana § 34:333.10

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

The district shall have authority to incur debt for any purpose provided in this Part, to issue in its name negotiable bonds evidencing the debt, and to provide for its security and payment. The bonds may be of various types but shall be issued and secured for payment as follows:
(1) Industrial inducement revenue bonds may be issued by the district for the purposes, in the manner, and subject to the requirements of R.S. 39:991, et seq., and the Constitution of Louisiana. The district shall have authority to negotiate and enter into all necessary leases, contracts of sale, or other agreements and to take other necessary actions.
(2) Industrial inducement general obligation bonds may be issued by the district for the purposes, in the manner, and subject to the requirements of the Constitution of Louisiana but only after the issuance of the bonds has been approved by a majority of the qualified electors of the district who vote at an election. The district shall have authority to negotiate and enter into all necessary leases, contracts of sale, or other agreements and to take other necessary actions.
(3) General obligation bonds may be issued by the district for the purposes of acquiring sites and other necessary property or appurtenances for industrial parks or industrial plant buildings located within the district and constructing, acquiring, and developing industrial parks or industrial plant buildings, including roads, street lighting, bridges, rail facilities, drainage, sewers, sewerage disposal facilities, solid waste disposal facilities, waterworks, and other utilities and properties. The bonds shall be secured by and payable from the annual levy and collection of an ad valorem tax on all taxable property in the district sufficient to pay the bonds in principal and interest as they mature; provided, however, that the issuance of the bonds shall have been approved by a majority of the qualified electors of the district who vote at an election. All or any part of the lands, buildings, or other properties acquired or constructed from the funds derived from the sale of the bonds may be leased or sold by the district.
(4) Negotiable bonds bearing the name the board may designate may be issued by the district for any of its purposes. The bonds may be payable and secured in principal, interest, and redemption premiums, if any, by a pledge and dedication of the income and revenues of the district and its board, derived or to be derived from the properties and facilities owned, leased, or operated by it and/or any other income or revenue received from fees, taxes, grants, or other sources. In addition, the district may further secure the payment of its bonds by a conventional mortgage upon any or all of the properties constructed or acquired or to be constructed and acquired by it. The district is further authorized to receive, by gift, grant, donation, or otherwise, any sum of money, property, aid, or assistance from the United States, the state of Louisiana, or any political subdivision, and, unless otherwise provided by the terms of the gift, grant, or donation to pledge all or any part of the monies for the further securing of the payment of the principal and interest of its bonds. In addition to the security pledged to the payment of the bonds, the board shall have authority to provide that the bonds shall additionally constitute general obligations of the district, to which its full faith and credit, including the right to levy ad valorem taxes within the district to pay the bonds, shall be pledged. The general obligation bonds shall not be issued until approved by a vote of a majority of the qualified electors of the district who vote at a special election held for that purpose. No bonds shall be issued by the district under the authority conferred in this Paragraph unless the board has prepared, or caused to be prepared, an economic feasibility study or report reflecting that adequate revenues shall be available from the sources pledged in an amount sufficient to pay the bonds as they mature in principal and interest. The economic feasibility study or report shall be filed in the permanent records of the board and shall be available for public inspection. Subject to the above limitations, bonds may be issued by the board under the authority conferred in this Paragraph for the purposes and in the amount or amounts as the commission may determine. The bonds shall be authorized by a resolution of the board and shall be of a series, bear date or dates, mature at time or times not exceeding forty years from their respective dates, bear interest, payable semiannually or annually, be in such denominations, be in such form, either coupon or fully registered without coupons, carry registration and exchangeability privilege, be payable in such medium of payment and at such place or places, be subject to terms of redemption not exceeding one hundred five percent of the principal amount thereof, and be entitled to the priority on the revenues of the district as the resolution or resolutions may provide.
(5) The board is authorized to adopt all necessary resolutions or ordinances for ordering, holding, canvassing, and promulgating the returns of any election required by this Section or providing for the issuance of any bonds authorized by this Section including covenants for the security and payment of any bonds so issued. For a period of thirty days from the date of the publication of any resolution or ordinance of the board authorizing the issuance of any bonds of the district, any interested person may contest the legality of the resolution or ordinance and the validity of bonds issued or proposed to be issued and the security of their payment. After thirty days, no one shall have any cause of action to contest the legality of the resolution or ordinance or to question the legality of the bonds, the security, or the debts represented for any cause; and it shall be conclusively presumed that every legal requirement has been met. No court shall have authority to inquire into the matters after the lapse of thirty days.

Legislative History

Acts 1954, No. 253, §10; Acts 1985, No. 124, §1.