HLS 14RS-2165 ENGROSSED
Page 1 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2014
HOUSE BILL NO. 1086
BY REPRESENTATIVE BARRAS
ECONOMIC DEVEL/COMMUNITY: Authorizes economic development districts or
authorities to approve the creation of nonprofit economic development corporations
AN ACT1
To amend and reenact R.S. 33:9022(5), relative to nonprofit economic development2
corporations; to provide with respect to definitions; to authorize economic3
development districts and authorities to authorize creation of nonprofit economic4
development corporations; and to provide for related matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 33:9022(5) is hereby amended and reenacted to read as follows:7
ยง9022. Definitions8
The following terms, whenever used or referred to in this Chapter, shall have9
the following meaning unless a different meaning is otherwise clearly indicated in10
the context:11
* * *12
(5) "Local governmental subdivision" means any parish , or municipality, or13
any port commission, or port harbor and terminal district or any economic14
development district or authority created as a political subdivision of the state as15
defined in the Constitution of Louisiana.16
* * *17 HLS 14RS-2165 ENGROSSED
HB NO. 1086
Page 2 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Barras HB No. 1086
Abstract: Authorizes economic development districts to approve the creation of nonprofit
economic development corporations.
Present law (R.S. 33:9023) authorizes in the state and each local governmental subdivision
of the state the creation and organization of nonprofit economic development corporations.
Prohibits any such corporation from organizing, transacting, conducting business, or
exercising any power as may be granted by present law until the legislature or the governing
authority of a local governmental subdivision declares a need for such a corporation.
Present law provides that any group of three or more persons may apply to the legislature
of the governing authority of a local governmental subdivision of the state in writing for
permission to organize and be designated an economic development corporation.
Present law defines a local governmental subdivision as any parish or municipality or any
port commission or port harbor and terminal district. Proposed law adds an economic
development district or authority created as a political subdivision of the state as defined in
the constitution to such definition.
Present law provides that the powers of such corporations include:
(1)To acquire by purchase, lease, lease-purchase, option, gift, grant, bequest, or device,
any property which it may deem necessary to carry out the purpose and provisions
of present law and to make capital improvements, acquire equipment, and provide
funds for such purpose through cooperative endeavor agreements which may provide
for the transfer of title to such property upon successful achievement of the goal set
forth in such agreements.
(2)To sell, convey, mortgage, lease, transfer, donate, option, exchange, or otherwise
dispose of any property, or any interest therein, as the objects and purposes of the
corporation may require to carry out the provisions of present law.
(3)To issue revenue bonds secured by a pledge of any revenues of the corporation
derived or to be derived by it from or held or to be held by it in connection with its
undertaking of any economic development project, including loans, grants, or
contribution of funds made or to be made to it in aid of any of its other activities or
operations, including tax increments or sales tax increments, and to pay or cause to
be paid from the proceeds of the issuance of such revenue bonds, all or a portion of
the costs of an economic development project as specified in present law (R.S.
33:9035) and to give local citizens preferential treatment in job development.
(4)To borrow money and to apply for and to receive grants, loans, or advances.
(5)To invest any funds not required for immediate use in property or securities in which
public bodies may legally invest funds subject to their control.
(6)To declare or designate, subject to the approval of the chief executive officer or
governing authority of local governmental subdivision, areas of said governmental
subdivision as economic development areas. HLS 14RS-2165 ENGROSSED
HB NO. 1086
Page 3 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
(7)To prepare or cause to be prepared an economic development plan.
(8)To enter into partnerships, joint ventures, and other relationships with any federal,
state, or local governmental agency or with any private or public firm, partnership,
corporation or other entity.
(9)To delegate to a private development corporation or other entity any duties and
responsibilities as the corporation deems necessary or convenient in order to carry
out the purposes of present law.
(10)To give local citizens preferential treatment in job development.
(Amends R.S. 33:9022(5)