ENROLLED
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ACT No. 196
Regular Session, 2012
HOUSE BILL NO. 430
BY REPRESENTATIVE BROSSETT
AN ACT1
To enact R.S. 33:4720.58.1, relative to Orleans Parish; to provide relative to the New2
Orleans Redevelopment Authority; to provide relative to the powers and duties of the3
authority; to authorize the authority to purchase adjudicated properties located within4
its territorial jurisdiction from political subdivisions of the state; to provide5
procedures for such purchases; to provide relative to the powers and duties of the6
state and its political subdivisions with regard to such purchases; to require the7
authority to submit reports regarding its purchases to certain legislative committees;8
and to provide for related matters.9
Notice of intention to introduce this Act has been published10
as provided by Article III, Section 13 of the Constitution of11
Louisiana.12
Be it enacted by the Legislature of Louisiana:13
Section 1. R.S. 33:4720.58.1 is hereby enacted to read as follows: 14
ยง4720.58.1. Acquisition of adjudicated properties15
A. The authority may purchase adjudicated properties within its territorial16
jurisdiction from any political subdivision of the state of Louisiana. No such17
purchase shall be construed to, or otherwise have the effect of, extending or18
suspending the period prescribed by law for the redemption of the property by the19
tax debtor or any other person.20
B. In addition to the authority set forth in Subpart B of Part IV of Chapter21
5 of Subtitle III of Title 47 of the Louisiana Revised Statutes of 1950, such purchases22
by the authority may be by a direct negotiated purchase and sale agreement between23
the authority and a political subdivision without any other requirement of a public24 ENROLLEDHB NO. 430
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sale prior to the transfer of such properties to the authority. Such purchases by the1
authority shall not be considered the sale of surplus property or of property owned2
by the political subdivision.3
C. Effective upon the recordation of the transfer of an adjudicated property4
to the authority pursuant to a purchase and sale agreement, the rights of the authority5
in and to such property shall be the rights of a purchaser at a tax sale as contemplated6
by Chapter 5 of Subtitle III of Title 47 of the Louisiana Revised Statutes of 1950,7
subject only to the rights of redemption of the property set forth in Article VII,8
Section 25(B) of the Constitution of Louisiana, and the property shall no longer be9
deemed to be adjudicated property as of such recordation. For purposes of the right10
of redemption in Article VII, Section 25(B) of the Constitution of Louisiana, the11
redemptive period commences on the date of the recordation of the initial12
adjudication to the political subdivision and not on the date of transfer to the13
authority.14
D. Any such purchase and sale agreement shall set forth the total15
consideration to be paid by the authority and the method and timing of payment of16
such consideration by the authority.17
E. The state and any political subdivision with liens on the property may,18
pursuant to intergovernmental agreements with the authority, cancel such liens19
contemporaneously with or subject to the transfer of the property to the authority.20
F.(1) The authority shall have the right, subject to the provisions of this21
Section, to purchase properties at tax sales conducted in accordance with R.S.22
47:2155 and 2156, and any and all such purchases shall be a purchase pursuant to23
R.S. 47:2155 and 2156 and not an adjudication to a political subdivision.24
(2) Notwithstanding the provisions of Chapter 5 of Subtitle III of Title 47 of25
the Louisiana Revised Statutes of 1950, the authority may tender a bid at a tax sale26
which is a credit bid, consisting of the obligation of the authority to satisfy the27
component parts of the bid by payments to the respective political subdivisions and28
taxing entities in accordance with intergovernmental agreements between the29
authority and such political subdivisions and taxing entities.30 ENROLLEDHB NO. 430
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(3) A bid by the authority at a tax sale for the minimum amount shall take1
priority over all other bids for the same quantity of property, except for a higher bid2
submitted by a conventional mortgage holder holding a mortgage on the subject3
property.4
G. The authority shall submit annual reports to the House Committee on5
Municipal, Parochial and Cultural Affairs and the Senate Committee on Local and6
Municipal Affairs and each member of the Orleans Parish legislative delegation7
concerning property purchased by the authority. Such report shall be filed by March8
first each year and shall cover the previous calendar year. Each report shall include:9
(1) The legal description or other indication of the location of each property10
purchased.11
(2) The amount paid for each property.12
(3) The minimum bid that was set for the property and the appraised value13
of the property.14
(4) A general description of the authority's plans for the property and how15
such plans advance the purposes for which the authority is created.16
Section 2. This Act shall become effective upon signature by the governor or, if not17
signed by the governor, upon expiration of the time for bills to become law without signature18
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If19
vetoed by the governor and subsequently approved by the legislature, this Act shall become20
effective on the day following such approval.21
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: