Louisiana Revised Statutes 34:3286 – Authority to levy taxes and issue bonds; financing
Terms Used In Louisiana Revised Statutes 34:3286
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Personal property: All property that is not real property.
A. The commission, with the prior approval of the West Feliciana Police Jury, shall have authority to levy and collect a sales and use tax within the boundaries of the port area for such purposes and at such rate as provided by the proposition authorizing its levy, which tax may exceed the limitation set forth in La. Const. Art. VI, § 29(A) , or state law relative to parishes, municipalities, and school boards, provided the proposition is submitted to a vote in accordance with the Louisiana Election Code shall be approved by a majority of the qualified electors voting in an election held for that purpose. The sales and use tax shall be levied upon the sale at retail, the use, the lease or rental, the consumption, the distribution, and storage for use or consumption of tangible personal property, and upon the sales of services within the port area, all as presently defined in Chapter 2-D of Subtitle II of Title 47 of the Louisiana Revised Statutes of 1950 (La. Rev. Stat. 47:337.1 et seq.). Except where inapplicable, the procedure established by such Chapter shall be followed in the imposition, collection, and enforcement of the sales and use tax, and procedural details necessary to supplement those Sections and to make them applicable to such tax herein authorized shall be fixed in the resolution imposing the tax. The tax shall be imposed and collected uniformly throughout the port area. Any tax levied under this Section shall be in addition to all other taxes which any parish or any other political subdivision are now or hereafter authorized to levy and collect. Any sales and use tax so levied shall be allowed and not subject to any constitutional or statutory limit, notwithstanding any law to the contrary.
B. The commission, with the prior approval of the West Feliciana Parish Police Jury and the State Bond Commission, is authorized to incur debts for its lawful purposes, and to issue in its name, bonds therefor, and to pledge for the payment of the principal and interest of such bonds the avails received by the commission from any taxes authorized under this Chapter.
C. The commission, with the approval of the State Bond Commission, is authorized to incur debts for its lawful purposes, and to issue in its name, bonds therefor, and to pledge for the payment of the principal and interest of such bonds the revenues, rates, fees, tariffs, and charges derived from the operation of properties and facilities maintained and operated by it or received by the commission from any other sources.
D. In addition to the pledge of revenues, rates, fees, tariffs, charges, taxes, or other sources to secure said bonds, the commission may further secure their payment by conventional mortgage upon any or all of the properties constructed or acquired, or to be constructed and acquired by it. The commission is further authorized to receive, by gift, grant, donation, or otherwise, any sum of money, aid, or assistance from the United States, the state, or any political subdivision thereof, and unless otherwise provided by the terms of such gift, grant, or donation, in its discretion, to pledge all or any part of such monies for the further securing of the payment of the principal and interest of its bonds.
E. Subject to the rights of the owners of the obligations of the commission, the commission is hereby authorized and empowered to issue from time to time its bonds for the purpose of refunding any bonds of the commission then outstanding, together with the payment of any redemption of such outstanding bonds. All such refunding bonds of the commission shall be issued, sold, or exchanged and delivered, shall be secured, and shall be subject to the provisions of this Chapter in the same manner and to the same extent as any other bonds issued by the commission pursuant to this Chapter, unless otherwise determined by the resolution of the commission. Refunding bonds issued by the commission as herein provided may be sold or exchanged for outstanding bonds of the commission and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption, or repayment of such outstanding bonds.
F. Security for the commission’s bonds or cooperative endeavor obligations may include taxes of any nature, revenues from projects, fees, assessments, and charges of any nature, lease, or financing agreement income, general fund balances and excess fund balances, and projected income.
G. Notwithstanding any law to the contrary, all bonds of the commission may be sold by private negotiated sale or sold in public competitive sale. The approval of the State Bond Commission shall be obtained for the incurring of debt. The commission shall employ bond counsel, financial advisors, underwriters, and other professionals in its sole discretion and set their compensation with regard to any other statutory or regulatory requirement.
H. Bonds of the commission may be sold in such manner and from time to time as may be determined by the commission to be most beneficial, subject to approval of the State Bond Commission, and the commission may pay all expenses, premiums, fees, or commission, which it may deem necessary or advantageous in connection with the issuance and sale thereof, subject to the provisions of this Chapter.
I. Other than the State Bond Commission, no notice to, or consent or approval by any governmental body or public officer shall be required as a prerequisite to the issuance, sale, or delivery of any bonds of the district, or the making of any loans to any public or private entity, or to the exercise of any other public function or corporate power of the district, except as is expressly provided in this Chapter.
J. The commission may authorize the establishment of a fund or funds for the creation of a debt service reserve, a renewal and replacement reserve, or such other funds or reserves as the commission may approve with respect to the financing and operation of any project and as may be authorized by any bond resolution, trust agreement, indenture of trust or similar instrument or agreement pursuant to the provisions of which the issuance of bonds or other obligations of the commission may be authorized.
K. Any cost, obligation, or expense incurred for any of the purposes specified in this Chapter shall be a part of the project costs and may be paid or reimbursed as such out of the proceeds of bonds or other obligations issued by the commission.
L. For a period of thirty days from the date of the publication of any resolution of the commission authorizing the issuance of its bonds or certificates of indebtedness, any person interested may contest the legality of such resolution and the validity of such bonds or certificates of indebtedness issued or proposed to be issued thereunder and the security of their payment, after which time no one shall have any cause of action to contest the legality of said resolution or to draw in question the legality of said bonds or certificates of indebtedness, the security therefor or the debts represented thereby for any cause whatever, and it shall be conclusively presumed that every legal requirement has been complied with, and no court shall have authority to inquire into such matters after the lapse of said thirty days.
M. Neither the commissioners nor any person executing the bonds shall be personally liable for the bonds or be subject to any personal liability by reason of the issuance thereof. No earning or assets of the commission shall accrue to the benefit of any private persons. However, the limitation of liability provided for in this Subsection shall not apply to any gross negligence or criminal negligence on the part of any commissioner or person executing the bonds.
N. The commission may utilize any form of credit enhancement otherwise allowed by general law for any obligation, including but not limited to bond insurance, letters of credit, and surety bonds. The commission may invest bond proceeds in guaranteed investments contracts and repurchase agreements. Derivative products such as interest rate swaps, total return swaps, and other instruments may also be used.
O. A public or private entity may borrow funds from the commission. Such obligation to the commission may be evidenced by a lease, loan, or financing agreement. The commission shall not be subject to any restrictions on its power to issue debt not contained in this Chapter. Approval of the issuance of bonds of the commission by the State Bond Commission shall subsume and contain approval of the incurring of debt by any public entity participating with the commission in a borrowing as a conduit obligor.
Acts 2005, No. 98, §1, eff. June 21, 2005.