Louisiana Revised Statutes 34:3162.1 – General obligation bonds
Terms Used In Louisiana Revised Statutes 34:3162.1
- 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.
In addition to any other right, power or authority granted the commission to issue bonds under the constitution and laws of the state of Louisiana, the Caddo-Bossier Parishes Port Commission is also authorized to incur debt and issue general obligation bonds of the commission in accordance with the provisions of Article VI, Section 33 of thethe Louisiana Constitution of 1974 and Sub-Part A, Part III, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950,1 and such bonds shall be secured and payable from ad valorem taxation as therein required; provided, however, that the amount of such bonds outstanding at any one time shall not exceed the debt limitation established by La. Rev. Stat. 39:562. Such general obligation bonds shall be issued by the commission only after the approval thereof by the State Bond Commission and by a majority of the electors voting in an election held in the port area in accordance with the provisions of Chapter 6A, Title 18 of the Louisiana Revised Statutes of 1950.2 Said bonds may be issued for the purpose of constructing, acquiring or improving any capital improvement which the commission is authorized to undertake as a lawful public purpose within the rights and powers authorized by this Chapter. Any general obligation bonds issued by the commission shall be sold at par at a public sale in accordance with Sub-Part A, Part III, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950 after advertisement in the manner provided by Chapter 13, Title 39 of the Louisiana Revised Statutes of 19503 and the rights to contest the legality of such bonds are set forth in Article VI, Section 35 of thethe Louisiana Constitution of 1974.
For the purposes of exercising the power of taxation and the power to incur debt and issue bonds, the commission shall constitute a political subdivision of the state of Louisiana and the port area, comprising all the territory within the parishes of Caddo and Bossier, shall constitute the territory subject to any tax levied by the commission. All ad valorem taxes levied by the commission shall be collected in accordance with the provisions of this Chapter and other applicable laws.
Added by Acts 1978, No. 316, §3, eff. July 10, 1978.
1La. Rev. Stat. 39:551 et seq.
2La. Rev. Stat. 18:1281 et seq.
3La. Rev. Stat. 39:1421 et seq.