Crowe (SB 528) Act No. 471 Prior law provided for Louisiana International Deep Water Gulf Transfer Terminal Authority (LIGTT) to promote, plan, finance, develop, construct, control, license, regulate, supervise, operate, manage, maintain, and modify deepwater terminal facilities to be constructed within the jurisdiction of said authority after July 1, 2008, in order to position Louisiana as an international hub for cargo ships, including super-sized cargo ships. Prior law provided that LIGTT shall have exclusive jurisdiction over a structure, a series of structures, or a facility constructed after July 1, 2008, at the lower end of the east bank at Southwest Pass in Plaquemines Parish on state owned property, beginning at latitude 28.934856 degrees; longitude 89.398368 degrees then east to latitude 28.929035 degrees; longitude 89.390547 then south to latitude 28.915113 degrees; longitude 89.403934 degrees then west to latitude 28.920933 degrees; longitude 89.411755 degrees and then back to point of beginning. New law retains prior law but changes the coordinates for LIGTT. Prior law provided that the board of commissioners shall be the governing body of the LIGTT authority with full power to promulgate rules and regulations for the maintenance and operation of LIGTT. New law retains prior law but provides that the board of commissioners may defer certain matters to the executive board for consideration and action. Requires any action taken by the executive board to be ratified by the board of commissioners. Prior law required approval of the House and Senate committees on transportation, highways, and public works prior to the adoption of any rule or regulation for the maintenance and operation of LIGTT. New law retains prior law and also requires approval of the Joint Legislative Committee on the Budget. Prior law provided that the commissioners shall elect a president from among themselves to serve for a term of two years. New law provides that the commissioners shall elect the president, two vice presidents, a secretary and a treasurer from among the members of the board of commissioners to serve for a term of two years and who shall constitute the executive board. Prior law provided that LIGTT shall have exclusive and plenary power to regulate all phases of the construction and operation by any person of terminal facilities within the jurisdiction of the authority. New law retains prior law but provides that any contract, agreement, memorandum of understanding or cooperative endeavor agreement entered into in order to carry out the purposes of LIGTT by any other party, whether public or private, shall require the contracting party to tender their annual financial audit, including all documents required to be submitted to federal regulators, to the authority for each year the agreement is in effect. New law requires any party to a contract with LIGTT to allow the legislative auditor, the legislative auditors authorized representatives, and the state, independently with or through LIGTT, to inspect and audit all data and financial records of the contracting party related to its performance with respect to the contract in accordance with the provisions of law regarding the activities of the legislative auditor. New law provides that the rights of inspection and audit set forth shall commence as of the date of the contract and shall continue until four years have elapsed from the date the contract is terminated. Effective upon signature of the governor (June 4, 2014). (Amends R.S. 34:3493(A)(1), 3495(A), (C), (D), (F), and (G); adds R.S. 34:3499.1)