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The board shall have the power to regulate the commerce and traffic of the district in such manner as may in its judgment be best for the public interest; it shall have and enjoy all the rights, privileges and immunities granted to corporations in Louisiana; it shall be empowered to own and have charge of, to administer, construct, operate and maintain wharves, warehouses, landings, docks, sheds, belt and connecting railroads, shipways, canals, channels, slips, basins, locks, elevators and other structures and facilities necessary and proper for the use and development of business, industrial inducement, or recreational interests of such district, including buildings and equipment for the accommodation of passengers and in the handling, storage, transportation and delivery of freight, express and mail; it may dredge shipways, channels, slips, basins and turning basins in waters within the district, in particular, but not limited to slips to facilitate the transportation of agricultural products; it may establish, operate and maintain in cooperation with the federal government, the state of Louisiana and its various agencies, subdivisions and public bodies, navigable waterway systems; it may acquire, by purchase, lease or otherwise, industrial plant sites and necessary property or appurtenances therefor and acquire or construct industrial plant buildings with necessary machinery and equipment within such district; it may sell for processing, manufacturing, commercial, business, industrial inducement or recreational purposes, lands or buildings owned or acquired by it; it may lease as lessor, sublessor, or assignor, for processing manufacturing, commercial, industrial inducement, business or recreational purposes, lands or buildings owned, acquired or leased as lessee by it, which leases may run for any term not exceeding forty years at a fixed rental, but may run for a term not exceeding ninety-nine years provided they shall contain a clause or clauses for readjustment of the rentals upon the expiration of a primary term of forty years; and it is hereby provided that all leases heretofore executed by said board, whether as lessor or lessee, are hereby ratified and confirmed; it may mortgage properties constructed or acquired by it; it may mortgage and pledge any lease or leases and the rents, income and other advantages arising out of any lease or leases granted, assigned or subleased by it; it may borrow from any person or corporation using or renting any facility of the district such sums as shall be necessary to improve the same and to erect and construct such improvements, and agree that the loan therefor shall be liquidated by deducting from the rent, dockage, wharfage or tollage charges payable for such property, a percentage thereof to be agreed on, subject however, to any covenants or agreements made with the holders of revenue bonds issued under the authority hereinafter set forth; it may maintain proper depth of water to accommodate the business, industrial inducement, and recreational interests of the district; provide mechanical facilities and equipment for use in connection with the wharves, sheds, and other structures; provide lights, water and police protection for the district and for all harbor and terminal facilities situated therein; and make reasonable charges and collect the same for the use of all structures, works, and facilities administered by the board, and for any and all services rendered by the board; it may regulate reasonably the fees and charges made by privately owned wharves, docks, warehouses, elevators, and other facilities within the limits of the district when the same are offered for the use of the public.  

All buildings, railroads, wharves, elevators, and other structures, equipment and facilities herein referred to are declared to be works of public improvement and title thereto shall vest in the public.  

Added by Acts 1976, No. 196, §1.