§ 39:99.45 — Pledge and agreement

Louisiana § 39:99.45

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

§99.45. Pledge and agreement
A. The state covenants and agrees with the corporation, and the holders of the bonds
in which the corporation has included such pledge and agreement, that the state will (i)
irrevocably direct the U.S. Department of the Interior or any successor agency to transfer all
conveyed Offshore Royalty Revenue payments directly to the corporation or its assignee, (ii)
enforce the corporation's rights to receive the Offshore Royalty Revenue payments to the full
extent permitted by the law, (iii) not amend the state law in any manner that would materially
impair the rights of the holders, (iv) not limit or alter the rights of the corporation to fulfill
the terms of its agreements with such holders, and (v) not in any way impair the rights and
remedies of such holders or the security for such bonds until such bonds, together with the
interest thereon and all costs and expenses in connection with any action or proceeding by
or on behalf of such holders, are fully paid and discharged.
B. Notwithstanding the provisions of any law or statute applicable to or constituting
any limitation upon the sale of bonds or notes, or upon the execution of related
documentation and agreements, any parish and other local governing entity that is a coastal
political subdivision is hereby authorized to sell to the corporation all or a portion of their
twenty percent of the allocable share due the state of Louisiana pursuant to the Gulf of
Mexico Energy Security Act of 2006.

Legislative History

Acts 2007, No. 249, §1, eff. July 6, 2007; Redesignated from R.S. 39:99.43 pursuant to Acts 2017, No. 357, §2.