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ACT No. 166
Regular Session, 2013
HOUSE BILL NO. 605
BY REPRESENTATIVE WESLEY BISHOP
AN ACT1
To amend and reenact R.S. 33:2740.70(D)(1)(b), (E)(2), and (G)(1) and (3) and to repeal2
R.S. 33:2740.70(F), to provide relative to the Gentilly Development District; to3
provide relative to the governance and powers and duties of the district; to reduce the4
membership of the district's governing board; to remove the authority to levy a5
special ad valorem tax for the district and to pay the district's debts with tax6
proceeds; and to provide for related matters.7
Notice of intention to introduce this Act has been published8
as provided by Article III, Section 13 of the Constitution of9
Louisiana.10
Be it enacted by the Legislature of Louisiana:11
Section 1. R.S. 33:2740.70(D)(1)(b), (E)(2), and (G)(1) and (3) are hereby amended12
and reenacted to read as follows:13
ยง2740.70. The Gentilly Development District; creation, composition, and powers;14
levy of ad valorem taxes and issuance of bonds15
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D. The district shall be governed by a six-member board of commissioners,17
referred to in this Section as the "board". The board shall be composed as follows:18
(1)19
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(b) The state representative who represents House District No. 96 No. 99, or21
his designee.22
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E.24
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(2) In order to provide such services and to provide, construct, or acquire1
such capital improvements or facilities, the board may enter into contracts with the2
city of New Orleans. The cost of any such services, capital improvements, and3
facilities may be paid to the city of New Orleans from the proceeds of the special tax4
levied upon immovable property within the district as provided in this Section, or5
from the proceeds of bonds, as the case may be.6
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G.(1) The city of New Orleans, when requested by resolution adopted by the8
vote of a majority of the members of the board, approved by a resolution of the city9
council adopted by a majority vote of its members, and by resolution adopted by the10
vote of a majority of the members of the Board of Liquidation, City Debt, shall have11
power and is hereby authorized to incur indebtedness for and on behalf and for the12
sole and exclusive benefit of the district, and to issue at one time, or from time to13
time, negotiable bonds, notes, bond anticipation notes, renewal notes, revenue bonds,14
short-term revenue bonds, refunding bonds, interim certificates, certificates of15
indebtedness, certificates of participation, debentures, warrants, commercial paper,16
short-term loans, and other obligations or evidences of indebtedness, referred to in17
this Section collectively as bonds of the city of New Orleans, the principal of,18
premium if any, and interest on which shall be payable from the proceeds of the19
special tax authorized, levied, and collected pursuant to the provisions of this Section20
or from any other sources whatsoever any sources that may be available to the21
district, including funds derived from rentals and leases of its property for the22
purpose of paying the cost of acquiring and constructing capital improvements and23
facilities within the district. Such bonds shall not constitute general obligations of24
the state of Louisiana, the parish of Orleans, or the city of New Orleans, nor shall25
any property situated within the city other than property situated within the26
boundaries of the district be subject to taxation for the payment of the principal of,27
premium if any, and interest on such bonds. Furthermore, any indebtedness incurred28
by the city of New Orleans for and on behalf and for the benefit of the district29
pursuant to the provisions of this Section, whether evidenced by bonds, notes, or30 ENROLLEDHB NO. 605
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other evidences of indebtedness, or otherwise, shall be excluded in determining the1
power of the city of New Orleans to incur indebtedness and to issue its general2
obligation bonds. The principal amount of such bonds which may be outstanding3
and unpaid at any one time shall never exceed the sum of two hundred million4
dollars. The proceeds derived from the sale of all such bonds shall be paid over to5
the appropriate officials of the city of New Orleans and shall be disbursed solely for6
the purposes and benefit of the district. All such bonds shall be sold by the Board7
of Liquidation, City Debt, and shall bear such rate or rates of interest, and shall,8
except as otherwise specifically provided in this Section, be in such form, terms, and9
denominations, be redeemable at such time or times at such price of or prices, and10
payable at such times and places, within a period of not exceeding fifty years from11
the date thereof, as the Board of Liquidation, City Debt, shall determine.12
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(3) The resolution of the Board of Liquidation, City Debt, authorizing the14
issuance and sale of such bonds and fixing the form and details thereof, may contain15
such other provisions, not inconsistent nor in conflict with the provisions of this16
Section, as it may deem to be necessary or advisable to enhance the marketability17
and acceptability thereof by purchasers and investors, including but without limiting18
the generality of the foregoing, covenants with bondholders setting forth conditions19
and limitations on the issuance of additional bonds constituting a lien and charge on20
the special tax levied on real property within the district pari passu with bonds21
theretofore issued and outstanding, and the creation of reserves for the payment of22
the principal of and interest on such bonds. These bonds and the interest thereon are23
exempt from all taxation levied for state, parish, or municipal or other local24
purposes; and savings banks, tutors of minors, curators of interdicts, trustees, and25
other fiduciaries are authorized to invest the funds in their hands in said bonds.26
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Section 2. R.S. 33:2740.70(F) is hereby repealed in its entirety.28 ENROLLEDHB NO. 605
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Section 3. Neither the state representative who represents House District No. 96 nor1
his designee shall serve on the governing board of the Gentilly Development District on and2
after the effective date of this Act.3
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: