Louisiana Revised Statutes 33:9037.1 – Bond financing of cooperative endeavors; city of New Orleans; parishes of East Baton Rouge and Jefferson; leases
Terms Used In Louisiana Revised Statutes 33:9037.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Any economic development corporation or political subdivision of the state may issue bonds, subject to applicable law, to finance a cooperative endeavor. The city of New Orleans and the parishes of East Baton Rouge and Jefferson or any municipality within any such parish, or any public benefit corporation formed by any such municipality or parish, or economic development corporation established in any such municipality or parish, may enter into any lease or sublease for the purpose, directly or indirectly, of securing or providing revenues to be used to pay the principal or interest on such bonds which lease or sublease may be for a period not exceeding ninety-nine years.
Acts 2002, No. 81, §1, eff. June 25, 2002; Acts 2011, 1st Ex. Sess., No. 20, §1, eff. June 12, 2011.