La. R.S. § 34:333.10 Bond Issues

• Library: Louisiana Statutes
• Edition: 2023
• Currency: Current with changes from the 2023 Legislative Session
• Year: 2023
• Citation: La. R.S. § 34:333.10

The district shall have authority to incur debt for any purpose provided in this Part, to issue in its name negotiable bonds evidencing the debt, and to provide for its security and payment. The bonds may be of various types but shall be issued and secured for payment as follows:

(1) Industrial inducement revenue bonds may be issued by the district for the purposes, in the manner, and subject to the requirements of R.S. 39:991, et seq., and the Constitution of Louisiana. The district shall have authority to negotiate and enter into all necessary leases, contracts of sale, or other agreements and to take other necessary actions.

(2) Industrial inducement general obligation bonds may be issued by the district for the purposes, in the manner, and subject to the requirements of the Constitution of Louisiana but only after the issuance of the bonds has been approved by a majority of the qualified electors of the district who vote at an election. The district shall have authority to negotiate and enter into all necessary leases, contracts of sale, or other agreements and to take other necessary actions.

(3) General obligation bonds may be issued by the district for the purposes of acquiring sites and other necessary property or appurtenances for industrial parks or industrial plant buildings located within the district and constructing, acquiring, and developing industrial parks or industrial plant buildings, including roads, street lighting, bridges, rail facilities, drainage, sewers, sewerage disposal facilities, solid waste disposal facilities, waterworks, and other utilities and properties. The bonds shall be secured by and payable from the annual levy and collection of an ad valorem tax on all taxable property in the district sufficient to pay the bonds in principal and interest as they mature; provided, however, that the issuance of the bonds shall have been approved by a majority of the qualified electors of the district who vote at an election. All or any part of the lands, buildings, or other properties acquired or constructed from the funds derived from the sale of the bonds may be leased or sold by the district.

(4) Negotiable bonds bearing the name the board may designate may be issued by the district for any of its purposes. The bonds may be payable and secured in principal, interest, and redemption premiums, if any, by a pledge and dedication of the income and revenues of the district and its board, derived or to be derived from the properties and facilities owned, leased, or operated by it and/or any other income or revenue received from fees, taxes, grants, or other sources. In addition, the district may further secure the payment of its bonds by a conventional mortgage upon any or all of the properties constructed or acquired or to be constructed and acquired by it. The district is further authorized to receive, by gift, grant, donation, or otherwise, any sum of money, property, aid, or assistance from the United States, the state of Louisiana, or any political subdivision, and, unless otherwise provided by the terms of the gift, grant, or donation to pledge all or any part of the monies for the further securing of the payment of the principal and interest of its bonds. In addition to the security pledged to the payment of the bonds, the board shall have authority to provide that the bonds shall additionally constitute general obligations of the district, to which its full faith and credit, including the right to levy ad valorem taxes within the district to pay the bonds, shall be pledged. The general obligation bonds shall not be issued until approved by a vote of a majority of the qualified electors of the district who vote at a special election held for that purpose. No bonds shall be issued by the district under the authority conferred in this Paragraph unless the board has prepared, or caused to be prepared, an economic feasibility study or report reflecting th...