§99.30. Purposes and powers
A. The corporation's purposes are, and it shall have the authority and powers, to carry
out the financing, purchasing, owning, and managing of the Offshore Royalty Revenues and
the Offshore Royalty Revenue Assets, the DWH NRD revenues and the DWH NRD assets,
and the RESTORE revenues and the RESTORE assets, the corporation being vested, subject
to R.S. 39:99.34 and the other provisions hereof, with all the powers of a private corporation
to effectuate the purposes of the corporation including, without limitation, the power to sue
and be sued, to make contracts, to adopt and use a corporate seal and to alter same, and is
further particularly authorized and empowered to:
(1)Purchase the Offshore Royalty Revenue Assets, the DWH NRD assets, and the
RESTORE assets, a
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§99.30. Purposes and powers
A. The corporation's purposes are, and it shall have the authority and powers, to carry
out the financing, purchasing, owning, and managing of the Offshore Royalty Revenues and
the Offshore Royalty Revenue Assets, the DWH NRD revenues and the DWH NRD assets,
and the RESTORE revenues and the RESTORE assets, the corporation being vested, subject
to R.S. 39:99.34 and the other provisions hereof, with all the powers of a private corporation
to effectuate the purposes of the corporation including, without limitation, the power to sue
and be sued, to make contracts, to adopt and use a corporate seal and to alter same, and is
further particularly authorized and empowered to:
(1) Purchase the Offshore Royalty Revenue Assets, the DWH NRD assets, and the
RESTORE assets, and receive, or authorize the indenture trustee to receive, as the same shall
become due, the Offshore Royalty Revenue payments, the DWH NRD payments, and the
RESTORE payments.
(2) Adopt, or alter, or repeal any bylaws, rules or regulations as the board may deem
necessary.
(3) Issue bonds as authorized by this Subpart and refund any of such bonds.
(4) Commence and prosecute any action or other proceeding to protect or enforce any
right conferred upon it by any law, contract or other agreement.
(5) Pay its operating expenses.
(6) Determine the amounts of the residual interests, and pay and transfer such
residual interests to the state treasurer, semi-annually, in accordance with the provisions of
this Subpart.
(7) Enter into such agreements with the federal government and other parties as the
corporation may deem necessary to effectuate the prompt and orderly transfer by the federal
government of the state of Louisiana's allocation and for such other purposes that the
corporation shall deem advisable.
(8) Do any and all other acts and things necessary, convenient, appropriate or
incidental in carrying out the provisions of this Subpart.
B. The corporation is further authorized and empowered to incur obligations to pay
its operating expenses in such form as may be authorized by the corporation. This Subpart
shall govern the issuance of such obligations insofar as the same may be applicable.
C. The corporation shall prepare an operating budget annually which shall be
submitted for approval to the State Bond Commission and the Joint Legislative Committee
on the Budget.
D. The corporation shall prepare and submit an annual report to the governor, the
State Bond Commission, the Senate committees on finance, natural resources and
transportation, and the House of Representatives committees on appropriations, natural
resources and transportation, highways and public works on or before March first of each
year. The annual report shall contain, among other appropriate matters, the annual operating
and financial statements of the corporation for the fiscal year ending the preceding June
thirtieth.
E. Any funds held by the corporation or by the indenture trustee may be invested and
reinvested in investments and securities that are legal investments under the laws of the state
of Louisiana for funds of the state, funds of the political subdivisions of the state or tax
exempt bonds as defined in R.S. 49:342(C).