Louisiana Revised Statutes 30:83.1 – Authorization of bonds
Terms Used In Louisiana Revised Statutes 30:83.1
- Bonds: means revenue bonds, notes, certificates, or other evidences of indebtedness issued by an issuer pursuant to Louisiana Revised Statutes 30:82
- Commission: means the Oilfield Site Restoration Commission. See Louisiana Revised Statutes 30:82
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Energy and Natural Resources. See Louisiana Revised Statutes 30:82
- Fund: means the Oilfield Site Restoration Fund. See Louisiana Revised Statutes 30:82
- Issuer: means a public trust and public corporation organized and existing by, under, and pursuant to the provisions of Louisiana Revised Statutes 30:82
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Revenues: means the revenues described in Louisiana Revised Statutes 30:82
- Secretary: means the secretary of the Department of Energy and Natural Resources. See Louisiana Revised Statutes 30:82
- Site restoration: means any and all oilfield site restoration activities required of a responsible party of an oil or gas property by regulations adopted by the office of conservation pursuant to this Subtitle, including without limitation plugging of oil and gas wells, pit closure, site remediation, and removal of oilfield equipment. See Louisiana Revised Statutes 30:82
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
A.(1) An issuer is authorized to issue bonds pursuant to the provisions of La. Rev. Stat. 9:2341 through 2347 for the benefit of the commission, at the direction of the secretary, to raise funds for authorized purposes in accordance with the provisions of this Section and the constitutional and statutory provisions governing the issuance of bonds by such entities.
(2) The bonds may be secured by an irrevocable pledge and dedication of revenues of the commission, at the direction of the secretary, which shall consist of all monies deposited in the fund pursuant to La. Rev. Stat. 30:86(D), collected, derived, or received from the oilfield site restoration fees and penalties imposed pursuant to La. Rev. Stat. 30:87 or any other lawfully available revenues, if any, to the extent appropriated, provided that annual debt service shall not be in excess of fifty percent of the pledged revenues estimated to be received in the calendar year the bonds are issued, but shall not include site-specific trust account monies as identified in La. Rev. Stat. 30:86(D)(6) and 88. The bonds of the issuer shall be revenue bonds payable solely from the above-described sources, to the extent appropriated and released from the state, and such pledge shall not constitute a pledge of the full faith and credit of the state.
(3) The bonds shall be entitled to priorities on the revenues pledged and dedicated pursuant to Paragraph (2) of this Subsection, subject to the prior pledge applicable to outstanding bonds, if any, as provided for in a loan agreement, trust indenture, or other instrument entered into with the issuer or otherwise in connection with the bonds.
B.(1) When any bonds have been issued and secured in accordance with the provisions of this Section, neither the commission, nor the department, nor the state, nor any other entity may act to impair any obligation or contract for the benefit of the holders of the bonds or discontinue or decrease any fee, penalties, or other revenue in anticipation of the collection of which the bonds have been issued until all of the bonds have been retired as to principal and interest or irrevocable provision otherwise made for their complete redemption and payment in principal, interest, and redemption premium, if any, and the complete payment of all amounts due under the trust agreement pursuant to which the bonds are issued.
(2) Any pledge of revenues for the security of the bonds shall be valid and binding from the time the pledge is made and shall be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the state, the department, or the commission whether or not such parties have notice thereof. Any trust agreement by which a pledge is created need not be filed or recorded.
(3) The secretary or the undersecretary is hereby authorized on behalf of the commission to execute loan, reimbursement, investment, and bond purchase agreements, and all documents as may be necessary or desirable to carry out the provisions of this Section and is further authorized to take any and all further actions and execute and deliver all other documents as may be necessary in connection with the issuance of any bonds, notes, certificates, reimbursement obligations, or other evidences of indebtedness referred to in this Section. The provisions of La. Rev. Stat. 9:2347(J) shall not apply to bonds or any contractual obligation, including the pledge of state funds, to be undertaken or incurred in connection therewith.
(4) At the direction of the secretary, the commission is authorized to create funds or accounts for the deposit of the revenues or the proceeds of the bonds, including funds described above or other revenues and monies pledged in connection therewith or respect thereto.
(5) The department and, at the direction of the secretary, the commission are authorized to enter into any and all agreements or contracts, execute any and all instruments, and do and perform any and all acts necessary, convenient, or desirable for the issuance of the bonds or to carry out any power expressly given in this Section.
C. Notwithstanding any provision of law to the contrary, any revenues received by the commission pledged to the repayment of any bonds issued in accordance with this Section may be collected and disbursed as set forth in the documents providing for the issuance of the bonds or other related documents.
Acts 2016, No. 666, §1, eff. June 17, 2016.