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Regular Session, 2014
HOUSE BILL NO. 582
BY REPRESENTATIVE JONES
DISTRICTS/ECONOMIC DEVEL: Creates the Morgan City Development District
AN ACT1
To enact R.S. 33:2740.32, relative to the city of Morgan City; to create the Morgan City2
Development District; to provide for the governing authority thereof; to provide for3
its powers and duties; to provide relative to the levy and collection of taxes by the4
governing authority of the district; to provide relative to bonds and other5
indebtedness of the district; and to provide for related matters.6
Notice of intention to introduce this Act has been published7
as provided by Article III, Section 13 of the Constitution of8
Louisiana.9
Be it enacted by the Legislature of Louisiana:10
Section 1. R.S. 33:2740.32 is hereby enacted to read as follows:11
ยง2740.32. Morgan City Development District12
A. There is hereby created a body politic and corporate which shall exist in13
perpetuity and be known as Morgan City Development District, hereafter in this14
Section referred to as the "district". The district shall be composed of all of the15
territory located within the city of Morgan City, as now incorporated or hereafter16
annexed or as acquired by the city of Morgan City. The district shall be a political17
subdivision of the state as defined in the Constitution of Louisiana. The district,18
acting through its board of commissioners as the governing authority of the district,19
is hereby granted all of the rights, powers, privileges, and immunities accorded by20 HLS 14RS-53 ORIGINAL
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laws and the Constitution of Louisiana to political subdivisions of the state, including1
but not limited to the power to incur debt and issue revenue and general obligation2
bonds, to issue certificates of indebtedness, to issue bonds and certificate anticipation3
notes, to issue refunding bonds, and the power of taxation, subject to the limitations4
hereinafter provided.5
B. The district is created for the objectives and purposes of:6
(1) Accepting title from or contracting with the city of Morgan City7
concerning any or all real and personal property and improvements owned or8
acquired by the city of Morgan City.9
(2) Acquiring land, real and personal property, and improvements from any10
other sources, entities, or persons.11
(3) Utilizing any land, real or personal property, and improvements to12
enhance economic benefits generated in the city of Morgan City through diversified13
activities, including but not limited to:14
(a) Planning land use and development to foster creation of new jobs,15
economic development, industry, health care, commerce, manufacturing, tourism,16
relocation of people and businesses to the area, shipbuilding, aviation, military,17
warehousing, transportation, offices, recreation, housing development, conservation,18
residential development, and subdivision development.19
(b) Constructing, operating, and maintaining facilities, improvements, and20
infrastructure, including buildings, roads, bridges, drainage, and utilities.21
(c) Planning, developing, building, constructing, operating, regulating,22
maintaining, selling, and transferring any residential or subdivision land, real and23
personal property, and improvements.24
C.(1) The district shall be governed by a board of commissioners, hereafter25
in this Section referred to as the "board", consisting of five members appointed by26
the mayor of the city of Morgan City and confirmed by the city council.27
(2) Each member appointed to the board shall be a citizen of the United28
States, a domiciliary of and a qualified voter in the city of Morgan City for at least29 HLS 14RS-53 ORIGINAL
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one year preceding the date of appointment, and shall remain a domiciliary of and1
a qualified voter in the city of Morgan City during the entirety of the term of office.2
(3) The term of office of members of the board shall be four years. All3
initial appointees shall serve four-year terms.4
(4) Any member who misses fifty percent of the board's meetings, regular5
or special, in any calendar year shall be disqualified and removed automatically from6
office and his position shall be vacant as of the first day of the next calendar month.7
Such vacated position shall be filled by appointment of the mayor and confirmed by8
the city council for the balance of the vacated term. The former member shall not9
be eligible for reappointment until expiration of the balance of the vacated term.10
(5) The mayor may remove any board member for any reason, including but11
not limited to failure to attend board meetings, subject to the approval of the other12
four board members. The removal process shall proceed to completion unless four13
board members object to the removal of the member by the second regular board14
meeting after the removal action was first initiated.15
(6) Any vacancy in the membership of the board occurring by reason of the16
expiration of the term of office, death, resignation, disqualification, or otherwise17
shall be filled by appointment of the mayor and confirmed by the city council within18
sixty days after receipt of written notification of the vacancy. If the mayor and19
council fail to fill the vacancy within sixty days after receipt of written notification20
of the vacancy, the board shall appoint an interim successor to serve on the board21
until the position is filled by the mayor and council.22
(7) Members of the board shall serve without compensation, shall have the23
power to organize and reorganize the executive, administrative, clerical, and other24
departments and forces of the district, and to fix the duties, powers, and25
compensation of all employees, agents, and consultants of the district. The board26
may reimburse any member for expenses actually incurred with the authorization of27
the board in the performance of duties on behalf of the district.28 HLS 14RS-53 ORIGINAL
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(8) The board shall elect yearly from its number, a chairman, vice chairman,1
secretary, and treasurer and shall establish their duties as may be regulated by rules2
adopted by the board. The offices of secretary and treasurer may be held by the3
same person. The board shall meet in regular session once each month and also shall4
meet in special session as convened by the chairman or upon written notice of three5
members. A majority of the commission members, not including vacancies, shall6
constitute a quorum. All actions of the board shall be approved by the affirmative7
vote of a majority of the members present and voting; however, no action of the8
board shall be authorized on the following matters unless approved by a majority of9
the total board membership:10
(a) Adoption of bylaws and other rules and regulations for conduct of the11
district's business.12
(b) Hiring or firing of the district's administrator.13
(c) The incurring of funded, general, or bonded debt.14
(d) Levy of taxes and call for any tax or other election.15
(e) Adoption or amendment of the annual budget.16
(f) Sale, lease, or alienation of real property or improvements.17
(9) Vote by proxy is not permitted. Any member may request a recorded18
vote on any resolution or action of the district.19
(10) The board shall cause minutes and a record to be kept of all its20
proceedings, and it shall select a newspaper of general circulation within its21
territorial jurisdiction as its official journal in which it shall publish its minutes and22
in which it shall publish all official notices as are required by law.23
(11) All meetings of the board shall be subject to state laws relative to open24
meetings including R.S. 42:14.25
D. The exercise by the board of the powers conferred shall be deemed and26
held to be an essential governmental function of the state. As the exercise of the27
powers granted hereby will be in all respects for the benefit of the people of the state,28
for the increase of their commerce and prosperity, and for the improvement of their29 HLS 14RS-53 ORIGINAL
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health and living conditions, the district shall not be required to pay any taxes,1
including but not limited to sales and use taxes, ad valorem, occupational licensing,2
income, or any other taxes of any kind or nature, or assessments upon any property3
acquired or used by the district under the provisions of this Section, or upon the4
income therefrom. Any bonds, certificates, or other evidences of indebtedness issued5
by the district and the income therefrom shall be exempt from taxation by the state6
and by any parish, municipality, or other political subdivision of the state. The7
district shall not be deemed to be a public utility and shall not be subject in any8
respect to the authority, control, regulation, or supervision of the Louisiana Public9
Service Commission.10
E. In addition to the powers and duties elsewhere granted in this Section, the11
board is hereby granted and shall have and may exercise all powers necessary or12
convenient for the carrying out of its objectives and purposes, including but not13
limited to the following:14
(1) To sue and be sued, and as such, to stand in judgment.15
(2) To adopt, use, and alter at will a corporate seal.16
(3) To acquire by gift, grant, purchase, lease, or otherwise and to hold and17
use any property, real, personal, mixed, tangible, or intangible, or any interest18
therein, necessary or desirable for carrying out the objects and purposes of the19
district.20
(4) To sell, transfer, or convey any property acquired by it, or any interest21
therein, at any time to accomplish the objects and purposes of the district subject to22
applicable law. Any such sale, transfer, or conveyance shall provide for a fair and23
equitable return of revenue to the district.24
(5) To lease or sublease all or any portion of any property for a term not25
exceeding ninety-nine years at a fixed or variable rental subject to applicable law.26
Any such lease entered into shall provide for a fair and equitable return of revenue27
to the district.28 HLS 14RS-53 ORIGINAL
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(6)(a) To sell, lease for a term of up to ninety-nine years, exchange, or1
otherwise dispose of or transfer to or with other political corporations of this state2
or private persons at public or private sale any residential or subdivision land,3
property, improvements, or portions thereof, including real property, which is, in the4
opinion of the board of commissioners, appropriate to accomplish the objectives and5
purposes of the district.6
(b) Prior to any disposition or transfer of property pursuant to this7
Paragraph, a majority of the total board membership shall approve the disposition or8
transfer and fix the price and terms of the sale, lease, exchange, or other contract to9
be made with reference to the property. Such disposition or transfer shall not require10
advertisement or public bids nor require any notice to be published in a newspaper11
or to be posted in any public place.12
(c) Any sale of industrial land shall be in accordance with laws providing for13
the disposition or transfer of such land.14
(7) To convey to the United States, the state, or to any political subdivision15
of the state any land, property, right-of-way, easement, servitude, or other thing of16
value that the district may own or acquire for use by said governmental entity to17
accomplish the objectives and purposes of the district.18
(8) To make and collect reasonable charges for the use of property of the19
district and for services rendered by the district and to regulate fees or rentals20
charged for use of privately owned facilities located on property owned or sold by21
the district when such facilities are offered for use by a public or by a private22
industrial, commercial, research, or other economic development entity or activity.23
(9) To enter into contracts to achieve the district's objectives and purposes,24
including but not limited to contracts for professional and other services and for the25
purchase, lease, acquisition, sale, construction, operation, maintenance, and26
improvements of land, public works, and facilities, as the district may deem27
necessary or convenient to accomplish the objectives and purposes of the district,28
subject to R.S. 38:2211 et seq.29 HLS 14RS-53 ORIGINAL
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(10) To plan, develop, regulate, operate, and maintain activities and planned1
land uses to foster creation of new jobs, economic development, industry, health2
care, commerce, manufacturing, tourism, relocation of people and businesses to the3
area, shipbuilding, aviation, military, warehousing, transportation, offices, recreation,4
housing development, and conservation.5
(11) To acquire land and improvements to construct, operate, and maintain6
facilities, improvements, and infrastructure, including buildings, roads, bridges,7
drainage, and utilities, and to perform other functions and activities on property8
owned or leased by the district to accomplish the objectives and purposes of the9
district and to protect the public health and welfare.10
(12) In its own name and behalf, to incur debt and issue general obligation11
bonds under the authority of and subject to the provisions of Article VI, Section 3312
of the Constitution of Louisiana, and Subpart A of Part III of Chapter 4 of Subtitle13
II of Title 39 of the Louisiana Revised Statutes of 1950, for the establishment,14
operation, and maintenance of district property or to carry out the other public15
purposes of this Section, and to issue revenue bonds, borrow money, and issue16
certificates of indebtedness, notes, and other debt obligations as evidence thereof and17
provide for the manner and method of repayment.18
(13) To require and issue licenses.19
(14) To levy annually and cause to be collected an ad valorem tax, provided20
that the amount, term, and purpose of said tax, as set out in a proposition submitted21
to a vote in accordance with the Louisiana Election Code, has been approved by a22
majority of the qualified electors voting in an election held for that purpose.23
(15)(a) To levy and collect a sales and use tax within the boundaries of the24
district for such purposes and at such rate not exceeding one percent, as provided by25
the proposition authorizing its levy, which tax may exceed the limitation set forth in26
the Constitution of Louisiana, provided the proposition submitted to a vote in27
accordance with the Louisiana Election Code, has been approved by a majority of28
the qualified electors voting in an election held for that purpose.29 HLS 14RS-53 ORIGINAL
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(b) The tax shall be levied upon the sale at retail, the use, the lease or rental,1
the consumption, the distribution, and storage for use or consumption of tangible2
personal property, and upon the sales of services within the district, all as presently3
defined in R.S. 47:301 et seq.4
(c) Except where inapplicable, the procedure established by R.S. 47:301 et5
seq., shall be followed in the imposition, collection, and enforcement of the tax, and6
procedural details necessary to supplement those Sections and to make them7
applicable to the tax authorized by this Paragraph shall be fixed in the resolution8
imposing the tax.9
(d) The tax shall be imposed and collected uniformly throughout the district.10
(e) Any tax levied under this Paragraph shall be in addition to all other taxes11
which the parish or any other political subdivision within St. Mary and St. Martin12
parishes are now or hereafter authorized to levy and collect.13
(16) To develop, activate, construct, exchange, acquire, improve, repair,14
operate, maintain, lease, mortgage, sell, and grant a security device affecting the15
movable and immovable property, servitudes, facilities, and works within the district16
under such terms and conditions as the district may deem necessary or appropriate17
for any public purpose, including industrial, residential, subdivision, and commercial18
development.19
(17) After notice and public hearing to designate one or more project areas20
within the boundaries of the district, each of which designated project areas shall21
constitute a political subdivision of the state, governed by the board with the power22
to incur debt, issue certificates, issue revenue and general obligation bonds, as well23
as refunding bonds, and levy sales and use taxes within its boundaries, in the same24
manner and on the same conditions as the district is authorized to do within the25
boundaries of the district. Each designated area shall be given a name and26
designated as "Morgan City Development Subdistrict No. ___".27
(18) To borrow money and to pledge or grant a security device affecting all28
or part of its revenues, leases, rents, and other advantages as security for such loans.29 HLS 14RS-53 ORIGINAL
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(19) To appoint officers, agents, and employees, prescribe their duties, and1
fix their compensation.2
F.(1) In addition to the authority granted by this Section or by other law, the3
district and any subdistrict of the district may issue revenue bonds to acquire,4
purchase, lease, construct, or improve housing, residential development, subdivision5
development, commercial, research, industrial, or other plant sites and buildings, or6
other capital improvements authorized in this Section, including energy and pollution7
abatement and control facilities and necessary property and appurtenances thereto;8
and may sell, lease, sublease, or otherwise dispose of by suitable and appropriate9
contract to any enterprise locating or existing within the jurisdiction of the district,10
or the respective subdistrict, such sites, buildings, or facilities and appurtenances11
thereto, all or severally. The funds derived from the sale of such bonds may be12
disbursed in whole or in part upon delivery of the bonds as shall be provided in the13
contract between the district, or respective subdistrict, and the residential,14
commercial, research, industrial, or other enterprise to be aided, encouraged, or15
benefitted.16
(2) Bonds issued under this Section shall be authorized by resolution of the17
district, or respective subdistrict, and shall be limited obligations of the district or18
respective subdistrict, the principal of and interest on which shall be payable solely19
from the income and revenue derived from the sale, lease, or other disposition of the20
project or facility to be financed by the bonds or from the income and revenue21
derived from the sale, lease, or other disposition of any existing project or facility22
acquired, constructed, and improved under the provision of this Section; however,23
in the discretion of the district or respective subdistrict, the bonds may be24
additionally secured by mortgage or other security device covering all or part of the25
project from which the revenues so pledged may be derived. Any refunding bonds26
issued pursuant to this Subsection shall be payable from any source described in this27
Paragraph or from the investment of any of the proceeds of the refunding bonds28
authorized under this Section and shall not constitute an indebtedness or pledge of29 HLS 14RS-53 ORIGINAL
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the general credit of the district or respective subdistrict within the meaning of any1
constitutional or statutory limitation of indebtedness and shall contain a recital to that2
effect. Bonds of the district or respective subdistrict shall be issued in such form,3
shall be in such denominations, shall bear interest, shall mature in such manner, and4
be executed by one or more members of the board of the body as provided in the5
resolution authorizing the issuance thereof. Such bonds may be subject to6
redemption at the option of and in the manner determined by the board in the7
resolution authorizing the issuance thereof.8
(3) No bonds or other evidences of indebtedness may be issued under this9
Subsection without the prior approval of the State Bond Commission of the terms10
and provisions thereof.11
(4) Bonds issued under this Subsection shall be issued, sold, and delivered12
in accordance with the terms and provisions of a resolution adopted by the board.13
The resolution shall be published in a newspaper of general circulation within the14
jurisdiction of the district or respective subdistrict, and for a period of thirty days15
after said publication, any interested citizen may bring an action to contest the bonds16
and the security therefor, as provided in the Constitution of Louisiana. If, after the17
expiration of thirty days, no suit has been filed, the issuance, sale, and security of the18
bonds shall be incontestable, and no court shall have authority to entertain any action19
questioning or contesting such matters.20
(5) Bonds, certificates, or other evidences of indebtedness issued by the21
district or any subdistrict of the district under this Section are deemed to be securities22
of public entities within the meaning of Chapters 13 and 13-A of Title 39 of the23
Louisiana Revised Statutes of 1950, and shall be subject to defeasance in accordance24
with the provisions of Chapter 14 of Title 39 of the Louisiana Revised Statutes of25
1950, and may also be issued as short-term revenue notes of a public entity under26
Chapter 15-A of Title 39 of the Louisiana Revised Statutes of 1950.27 HLS 14RS-53 ORIGINAL
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G. No bonds, other debt obligations, or contracts of the district shall be a1
charge upon the income, property, or revenue of the city of Morgan City; nor shall2
any obligations of the district be obligations of the city of Morgan City.3
H. The board shall be the appropriate governing body for all purposes4
provided in the Louisiana Enterprise Zone Act, R.S. 51:1781 et seq., within the area5
comprised of property owned and formerly owned by the district, and shall have the6
power to perform all acts specified by applicable laws and regulations to achieve7
such purpose.8
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)]
Jones HB No. 582
Abstract: Creates the Morgan City Development District.
Proposed law creates the Morgan City Development District as a political subdivision of the
state having boundaries coterminous with the city of Morgan City.
Provides that the purposes of the district shall include:
(1)Accepting title from or contracting with the town concerning real and personal
property and improvements.
(2)Utilizing that and other property to enhance economic benefits to the town through
activities such as planning land use and development, constructing, operating, and
maintaining facilities, improvements, and infrastructure, and planning, developing,
building, constructing, operating, regulating, maintaining, selling, and transferring
any residential or subdivision land, real and personal property, and improvements.
Proposed law provides for a board of five commissioners to govern the district. Provides
for their appointment by the mayor of Morgan City and confirmation by the city council.
Requires that each commissioner shall be a U.S. citizen and shall have been a voter in
Morgan City for at least one year prior to appointment and shall remain such while serving.
Proposed law provides for four-year terms of members including initial terms. Provides that
any member who misses more than 50% of meetings of the board in a year shall be removed
and shall be ineligible for reappointment until expiration of his vacated term. Further
provides that the mayor may remove any member if four members do not object by the
second regular meeting after the removal action was first initiated. Requires that any
vacancy shall be filled within 60 days by the mayor and council, and if not so filled, requires
that the board appoint an interim successor until the position is filled.
Proposed law further provides as follows with respect to the board of commissioners:
(1)Members of the board shall serve without compensation, but the board may
reimburse members for incurred expenses. HLS 14RS-53 ORIGINAL
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(2)The board may organize and reorganize the executive, administrative, clerical, and
other departments and forces of the district, and fix the duties, powers, and
compensation of all employees, agents, and consultants of the district.
(3)Requires that the board elect yearly a chairman, vice chairman, secretary, and
treasurer and establish their duties. Authorizes combining the secretary and treasurer
position.
(4)Requires that the board meet once a month and additionally as requested by the
chairman or three members.
(5)Provides that a majority of current members shall constitute a quorum. Requires that
actions of the board shall be approved by a majority of the members present and
voting except for action on certain specified matters which must be approved by a
majority of the complete membership.
(6)Prohibits vote by proxy. Authorizes any member to request a recorded vote on any
resolution or action of the district.
(7)Requires that the board keep minutes and select an official journal in which it shall
publish its minutes and notices.
(8)Provides that all meetings of the board shall be subject to state laws relative to open
meetings.
Proposed law provides that the exercise by the board of its powers shall be an essential
governmental function of the state and as such the district shall be exempt from taxation.
Further provides that the district shall not be deemed to be a public utility and shall not be
subject to the authority of the La. Public Service Commission.
Proposed law grants the district all powers necessary or convenient for the carrying out of
its objects and purposes, including:
(1)To sue and be sued, and as such, to stand in judgment.
(2)To adopt, use, and alter at will a corporate seal.
(3)To acquire and to hold and use property or any interest therein.
(4)To transfer property, or any interest therein, subject to applicable law, and requires
that any such transfer shall provide for a fair and equitable return of revenue to the
district.
(5)To lease or sublease property for a term not exceeding 99 years at a fixed or variable
rental subject to applicable law, and requires that any such lease shall provide for a
fair and equitable return of revenue to the district.
(6)To sell, lease for a term of up to 99 years, exchange, or otherwise dispose of or
transfer to or with other political corporations of this state or private persons at
public or private sale any residential or subdivision land, property, improvements,
or portions thereof, including real property, which is, in the opinion of the board of
commissioners, appropriate to accomplish the objectives and purposes of the district.
Requires that prior to such disposition or transfer of property, a majority of the board
membership shall approve of the transfer and fix the price and terms thereof.
Provides that such disposition or transfer shall not require advertisement or public
bids nor the publication or posting of public notice. Further, provides that any sale
of industrial land shall be in accordance with laws providing for the disposition or
transfer of such land. HLS 14RS-53 ORIGINAL
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(7)To convey to the U.S., the state, or to any political subdivision of the state, any lands,
property, right-of-way, easement, servitude, or other thing of value, which the district
may own or acquire for use by said governmental entity to accomplish the objects
and purposes of the district.
(8)To make and collect reasonable charges for the use of property of the district and for
services rendered by the district and to regulate fees and rentals for use of privately
owned facilities located on property owned or sold by the district.
(9)To enter into contracts, including contracts for professional services and for lease,
acquisition, sale, construction, operation, maintenance, and improvements of land,
public works, and facilities subject to present law regarding public bidding.
(10)To plan, develop, regulate, operate, and maintain activities and planned land uses to
foster creation of new jobs, economic development, industry, health care, commerce,
manufacturing, tourism, relocation of people and businesses to the area, shipbuilding,
aviation, military, warehousing, transportation, offices, recreation, housing
development, and conservation.
(11)To acquire land and improvements, to construct, operate, and maintain facilities,
improvements and infrastructure, and to perform other functions and activities on
property owned or leased by the district to accomplish the objects and purposes of
the district and to protect the public health and welfare.
(12)To incur debt in accordance with present law and to provide for the repayment
thereof.
(13)To require and issue licenses.
(14)To levy and collect, subject to voter approval, an ad valorem tax.
(15)To levy and collect, subject to voter approval, a sales and use tax not to exceed 1%.
Provides with respect to the levy of such tax that it shall be in addition to any other
taxes authorized to be collected by or in St. Mary and St. Martin parishes.
(16)To develop, activate, construct, exchange, acquire, improve, repair, operate,
maintain, lease, mortgage, sell, and grant a security device affecting the movable and
immovable property, servitudes, facilities, and works within the district under such
terms and conditions as the district may deem necessary or appropriate for any public
purpose, including industrial, housing, and commercial development.
(17)To designate project areas within the district, each of which shall constitute a
political subdivision of the state with the authority to incur debt and levy sales and
use tax as provided by proposed law for the district. Requires notice and a public
hearing prior to the creation of a subdistrict. Provides for designation of such
subdistricts.
(18)To borrow money and to pledge or grant a security device affecting all or part of its
revenues, leases, rents, and other advantages as security for such loans.
(19)To appoint officers, agents, and employees, prescribe their duties, and fix their
compensation.
Proposed law authorizes the district or any subdistrict to issue revenue bonds to acquire,
purchase, lease, construct, or improve housing, commercial, research, industrial, or other
plant sites and buildings, or other capital improvements authorized by proposed law,
including energy and pollution abatement and control facilities and necessary property and
appurtenances thereto. Further authorizes the district or any subdistrict to transfer or lease HLS 14RS-53 ORIGINAL
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by suitable and appropriate contract to any enterprise locating or existing within the
jurisdiction of the district, or the respective subdistrict, such sites, buildings, or facilities and
appurtenances thereto. Provides that the funds derived from the sale of bonds may be
disbursed in whole or in part as provided in the contract between the district or subdistrict
and the residential, commercial, research, industrial, or other enterprise to be aided,
encouraged, or benefitted.
Proposed law authorizes the district or any subdistrict to use the proceeds of revenue bonds
to acquire, purchase, lease, construct, or improve residential development and subdivision
development.
Proposed law requires that bonds be authorized by resolution of the district or subdistrict.
Provides that the bonds shall be limited obligations of the district or subdistrict and the
bonds shall be payable solely from the income derived from the disposition of the project
or facility financed by the bonds or from the income and revenue derived from the
disposition of any existing project or facility acquired, constructed, and improved under the
provisions of proposed law. Provides alternatively that the bonds may be additionally
secured by a security device covering all or part of the project from which the revenues so
pledged may be derived. Provides that any refunding bonds may be payable from any such
source or from the investment of any proceeds of the refunding bonds and shall not
constitute an indebtedness or pledge of the general credit of the district or subdistrict within
the meaning of any limitation of indebtedness established by present law and shall contain
a recital to that effect. Provides that matters of form, denomination, interest, maturity,
execution, and redemption of bonds shall be as provided in the resolution authorizing the
issuance thereof.
Proposed law prohibits the issuance of bonds or other evidences of indebtedness without the
approval of the State Bond Commission.
Proposed law requires that bonds be issued, sold, and delivered in accordance with the terms
and provisions of a resolution adopted by the board. Requires and provides for publication
of such resolution. Establishes a prescriptive period of 30 days from such publication on any
action to contest the bonds and the security therefor.
Proposed law provides that bonds, certificates, or other evidences of indebtedness are
deemed to be securities of public entities, shall be subject to defeasance, and may be issued
as short-term revenue notes of a public entity, all as provided by law.
Proposed law provides that no obligation of the district shall be an obligation of the city of
Morgan City. Further provides that the board shall be the appropriate governing body for
all purposes provided in the La. Enterprise Zone Act within the area comprised of property
owned and formerly owned by the district, and shall have the power to perform all acts
specified by applicable laws and regulations to achieve such purpose.
(Adds R.S. 33:2740.32)