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Regular Session, 2014
SENATE BILL NO. 678
BY SENATOR GALLOT
SPECIAL DISTRICTS. Creates the Louisiana Economic Development District as a political
subdivision. (gov sig)
AN ACT1
To enact Chapter 34 of Title 33 of the Louisiana Revised Statutes of 1950, to be comprised2
of R.S. 33:9301 through 9309, relative to economic and community development in3
Orleans Parish; to create the Louisiana Economic Development District, a political4
subdivision of the State of Louisiana; to provide for the boundaries of the district;5
to provide for the governance of the district; to provide for the authority, powers,6
duties, and function of the governing body; to allow for the levy and collection of7
taxes and special assessments within the district; to provide for the authority to create8
subdistricts within the district; to authorize the district to issue and sell bonds; to9
provide for the duration of the district; and to provide for related matters.10
Notice of intention to introduce this Act has been published.11
Be it enacted by the Legislature of Louisiana:12
Section 1. Chapter 34 of the Louisiana Revised Statutes of 1950, comprised13
of R.S. 33:9301 through 9309, is hereby enacted to read as follows:14
CHAPTER 34. LOUISIANA ECONOMIC DEVELOPMENT DISTRICT15
§9301. Title16
The provisions of this Chapter shall hereafter be known as the "Louisiana17 SB NO. 678
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Economic1
Development District Act".2
§9302. Louisiana Sports and Entertainment District; creation; territorial3
jurisdiction4
A. There is hereby created in the city of New Orleans, referred to in this5
Chapter as the "city", the Economic Development District, a body politic and6
corporate of the state, referred to in this Chapter as the "district", which shall7
be comprised of all the property within Orleans Parish, referred to in this8
Chapter as the "property".9
B. The district shall be a political subdivision of the state as defined in10
Article VI, Section 44 of the Constitution of Louisiana. Pursuant to Article VI,11
Sections 19 and 21 of the Constitution of Louisiana, the district is hereby12
granted all of the rights, powers, privileges and immunities accorded by law and13
the Constitution of Louisiana to political subdivisions of the state, subject to the14
limitations provided in this Chapter.15
§9033. Purpose16
The district is created to provide for cooperative economic and17
community development among the district, the city, the state and the owners18
of property in the district, to enhance the development of and improvement to19
the property within the area of the district, and to expand the entertainment20
and leisure activities within the district.21
§9034. Governance22
A. In order to provide for the orderly development of the district and23
effect the purposes of the district, the district shall be administered and24
governed by a board of commissioners, referred to in this Chapter as the25
"board," composed of those members duly appointed to and serving on the26
board of commissioners of the Louisiana Stadium and Exposition District,27
referred to in this Section as the "LSED."28
B. The members of the board shall serve without salary or per diem. The29 SB NO. 678
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board may reimburse any member for reasonable, actual and necessary1
expenses incurred in the performance of his or her duties pursuant to this2
Chapter.3
C. The board shall elect from among its members a president, a vice4
president, a secretary, and a treasurer, whose duties shall be those usual to such5
offices. At the option of the board, the offices of secretary and treasurer may be6
held by one person.7
D. The board shall meet in regular session once each month and shall8
also meet in special session as often as the president of the board convenes the9
board or upon the written request of three members. A majority of the10
members of the board shall constitute a quorum for the transaction of business.11
All such meetings shall be public meetings to the provisions of R.S. 42:5. The12
board shall keep minutes of all meetings and shall make them available for13
inspection through the board's secretary or secretary-treasurer, who shall also14
maintain the minute books and archives of the district. The monies, funds, and15
accounts of the district shall be in the official custody of the board.16
E. The domicile of the board shall be established by the board at a17
location within the district. The official journal of the district shall be the18
official journal of the LSED.19
§9305. Rights and powers20
The district, acting by and through its board, shall have and exercise all21
powers of a political subdivision necessary or convenient for the carrying out22
of its objects and purposes, including but not limited to the following in addition23
to the other rights and powers set out in this Chapter:24
(1) To sue and be sued.25
(2) To adopt, use, and alter at will a corporate seal.26
(3) To acquire by gift, grant, purchase, or otherwise all property,27
including rights of way; to hold and use any franchise or property, real,28
personal, or mixed, tangible or intangible, or any interest therein, necessary or29 SB NO. 678
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desirable for carrying out the objects and purposes of the district.1
(4) To enter into contracts for the purchase, lease, acquisition,2
construction, and improvement of works and facilities necessary in connection3
with the purposes of the district, and to mortgage its properties and enter into4
leases and other agreements on terms the board approves.5
(5) To require and issue licenses with respect to its properties and6
facilities.7
(6) To regulate the imposition of fees and rentals charged by the district8
for its facilities and services rendered by it.9
(7) To appoint officers, agents, and employees, prescribe their duties,10
and fix their compensation.11
(8) To enter into cooperative endeavor agreements with any other party,12
public or private, to accomplish the purposes of this Chapter.13
(9) To exercise any and all of the powers granted to an economic14
development district as if the district were an economic development district15
established pursuant to Part 2 of Chapter 27 of Title 33 of the Louisiana16
Revised Statutes of 1950, including but not limited to the powers of tax17
increment financing pursuant to R.S. 33:9038.33 and 33:9038.34 and the power18
to levy taxes within the district pursuant to R.S. 33:9038.39, provided that any19
such powers exercised by the district shall be subject to the provisions of Part20
2 of Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950.21
§9306. Levy of taxes22
A. It is expressly provided that any taxes levied by the district, or any23
subdistrict created by the district, may exceed the limitation set forth by Article24
VI, Section 29(A) of the Constitution of Louisiana and shall be imposed,25
collected and enforced subject to the terms of the resolution imposing the tax26
and the provisions of Chapter 2 of Subtitle II of Chapter 47 of the Louisiana27
Revised Statutes of 1950.28
B. Any taxes or assessments of any type to be levied by the district, or29 SB NO. 678
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any subdistrict created by the district, shall be levied only after the board has1
adopted an appropriate resolution giving notice of its intention to levy such2
taxes or assessments, which resolution shall include a general description of the3
taxes or assessments to be levied, and notice of this intention shall be published4
once a week for two weeks in the official journal of the district, the first5
publication to appear at least fourteen days before the public meeting of the6
board at which the board will meet in open and public session to hear any7
objections to the proposed taxes or assessments. The notice of intent so8
published shall state the date, time, and place of the public hearing. Such taxes9
or assessments may be levied only after the board has called a special election10
submitting the proposition for the levy of such taxes or assessments to the11
qualified electors of the district or subdistrict, as applicable, and the proposition12
has received the favorable vote of a majority of the electors voting in the13
election; however, in the event there are no qualified electors in the district or14
subdistrict, as applicable, as certified by the registrar of voters, no such election15
shall be required. The powers and rights conferred by this Section shall be in16
addition to the powers and rights conferred by any other general or special law.17
This Section does and shall be construed to provide a complete and additional18
method for the levy of any taxes or assessments. No election, proceeding, notice,19
or approval shall be required for the levy of such taxes or assessments except20
as provided herein.21
§9307. Creation of subdistricts22
A. The district may create subdistricts as provided in this Section. The23
district shall publish notice of its intent to create a subdistrict in the official24
journal of the district. At least ten days after publication of such notice in the25
official journal of the district, the board shall conduct a public hearing on the26
question of creating such subdistrict. Thereafter, the board may designate one27
or more areas within the boundaries of the district as a subdistrict of the28
district. Each subdistrict shall constitute a political subdivision of the state and29 SB NO. 678
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shall be governed by the board.1
B. Each subdistrict shall have the same powers as the district and shall2
be given a name and designated as "Louisiana Economic Development District3
Subdistrict No. or such other suitable name as the board may designate.4
§9308. Bonds of the district5
A. The district, or any subdistrict created by the district, is hereby6
authorized and empowered to issue and sell from time to time bonds, notes,7
renewal notes, refunding bonds, interim certificates, certificates of indebtedness,8
certificates of participation, debentures, warrants, commercial paper, or other9
obligations or evidences of indebtedness to provide funds for and to fulfill and10
achieve its public purpose or corporate purposes, as set forth in this Chapter,11
including but not limited to the payment of all or a portion of the costs of a12
project, to provide amounts necessary for any corporate purposes, including13
necessary and incidental expenses in connection with the issuance of the14
obligations, the payment of principal and interest on the obligations of the15
district, the establishment of reserves to secure such obligations, and all other16
purposes and expenditures of the district incident to and necessary or17
convenient to carry out its public functions or corporate purposes, and any18
credit enhancement for said obligations.19
B. Except as may otherwise be provided by the board, all obligations20
issued by the district, or any subdistrict created by the district, shall be21
negotiable instruments and payable solely from the revenues of the district or22
subdistrict, as applicable, as determined by the board, or from any other23
sources whatsoever, that may be available to the district or subdistrict, as24
applicable, but shall not be secured by the full faith and credit of the state or the25
city.26
C. Obligations shall be authorized, issued, and sold by a resolution or27
resolutions of the board. Such bonds or obligations may be of such series, bear28
such date or dates, mature at such time or times, bear interest at such rate or29 SB NO. 678
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rates, including variable, adjustable, or zero interest rates, be payable at such1
time or times, be in such denominations and in such form, carry such2
registration and exchangeability privileges, be payable at such place or places,3
be subject to such terms of redemption, and be entitled to such priorities on the4
income, revenue, and receipts of, or available to, the district or subdistrict, as5
applicable, as may be provided by the board in the resolution or resolutions6
providing for the issuance and sale of the bonds or obligations of the district.7
D. The obligations of the district, or any subdistrict created by the8
district, shall be signed by such officers of the board by either manual or9
facsimile signatures as shall be determined by resolution or resolutions of the10
board, and shall have impressed or imprinted thereon the seal of the district, or11
a facsimile thereof.12
E. Any obligations of the district, or any subdistrict created by the13
district, may be validly issued, sold, and delivered, notwithstanding that one or14
more of the officers of the board signing such obligations, or whose facsimile15
signature or signatures may be on the obligations, shall have ceased to be such16
officer of the board at the time such obligations shall actually have been17
delivered.18
F. Obligations of the district, or any subdistrict created by the district,19
may be sold at such price or prices, at public or private negotiated sale, in such20
manner and from time to time as may be determined by the district to be most21
beneficial, subject to approval of the State Bond Commission, and the district22
may pay all expenses, premiums, fees, or commissions, which it may deem23
necessary or advantageous in connection with the issuance and sale thereof.24
G. The board may authorize the establishment of a fund or funds for the25
creation of a debt service reserve, a renewal and replacement reserve, or such26
other funds or reserves as the board may approve with respect to the financing27
and operation of any project funded with the proceeds of such bonds and as28
may be authorized by any bond resolution, trust agreement, indenture of trust29 SB NO. 678
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or similar instrument or agreement pursuant to the provisions of which the1
issuance of bonds or other obligations of the district or subdistrict may be2
authorized.3
H. Any cost, obligation, or expense incurred for any of the purposes or4
powers of the district specified in this Chapter shall be a part of the project5
costs and may be paid or reimbursed as such out of the proceeds of bonds or6
other obligations issued by the district or subdistrict.7
I. For a period of thirty days from the date of publication of the8
resolution authorizing the issuance of bonds hereunder, any persons in interest9
shall have the right to contest the legality of the resolution and the legality of the10
bond issue for any cause, after which time no one shall have any cause or right11
of action to contest the legality of said resolution or of the bonds authorized12
thereby for any cause whatsoever. If no suit, action, or proceeding is begun13
contesting the validity of the bond issue within the thirty days herein14
prescribed, the authority to issue the bonds and to provide for the payment15
thereof, and the legality thereof and all of the provisions of the resolution16
authorizing the issuance of the bonds shall be conclusively presumed, and no17
court shall have authority to inquire into such matters.18
J. Neither the members of the board nor any person executing the bonds19
shall be personally liable for the bonds or be subject to any personal liability by20
reason of the issuance thereof. However, the limitation of liability provided for21
in this Subsection shall not apply to any gross negligence or criminal negligence22
on the part of any member of the board or person executing the bonds.23
K. All obligations authorized to be issued by the district, or any24
subdistrict created by the district, pursuant to the provisions of this Chapter,25
together with interest thereof, income therefrom, and gain upon the sale thereof26
shall be exempt from all state and local taxes.27
L. The state and all public officers, any parish, municipality, or other28
subdivision or instrumentality of the state, any political subdivision, any bank,29 SB NO. 678
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banker, trust company, savings bank and institution, building and loan1
association, savings and loan association, investment company or any person2
carrying on a banking or investment business, any insurance company or3
business, insurance association, and any person carrying on an insurance4
business, and any executor, administrator, curator, trustee, and other fiduciary,5
and any retirement system or pension fund may legally invest any funds6
belonging to them or within their control in any bonds or other obligations7
issued by the district, or any subdistrict created by the district, pursuant to the8
provisions of this Chapter, and such bonds or other obligations shall be9
authorized security for all public deposits. It is the purpose of this Subsection10
to authorize such persons, firms, corporations, associations, political11
subdivisions and officers, or other entities, public or private, to use any funds12
owned or controlled by them, including but not limited to sinking, insurance,13
investment, retirement, compensation, pension and trust funds, and funds held14
on deposit, for the purchase of any such bonds or other obligations of the15
district or subdistrict, and that any such bonds shall be authorized security for16
all public deposits. However, nothing contained in this Subsection with regard17
to legal investments or security for public deposits shall be construed as18
relieving any such person, firm, corporation, or other entity from any duty of19
exercising reasonable care in selecting securities. 20
§9309. Liberal construction21
This Chapter, being necessary for the welfare of the state, the city-parish22
and its residents, shall be liberally construed to effect the purposes thereof.23
Section 2. This Act shall become effective upon signature by the governor or, if not24
signed by the governor, upon expiration of the time for bills to become law without signature25
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If26
vetoed by the governor and subsequently approved by the legislature, this Act shall become27
effective on the day following such approval.28
The original instrument and the following digest, which constitutes no part SB NO. 678
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of the legislative instrument, were prepared by Jerry J. Guillot.
DIGEST
Gallot (SB 678)
Enacts the "Louisiana Economic Development District Act."
Creates in the city of New Orleans, the Economic Development District, comprised of all
the property within Orleans Parish.
Provides that the district is political subdivision and granted all of the rights, powers,
privileges and immunities accorded by law and the constitution to political subdivisions,
subject to the limitations provided in proposed law.
Provides that the district is created to provide for cooperative economic and community
development among the district, the city, the state and the owners of property in the
district, to enhance the development of and improvement to the property within the
area of the district, and to expand the entertainment and leisure activities within the
district.
Provides that in order to provide for the orderly development of the district and effect the
purposes of the district, the district shall be administered and governed by a board of
commissioners, composed of those members duly appointed to and serving on the board of
commissioners of the Louisiana Stadium and Exposition District ("LSED").
Provides that the board members shall serve without salary or per diem, but may reimburse
any member for reasonable, actual and necessary expenses incurred in the performance of
his or her duties pursuant to proposed law.
Provide that the board shall elect from among its members a president, a vice president, a
secretary, and a treasurer, whose duties shall be those usual to such offices. At the option of
the board, the offices of secretary and treasurer may be held by one person.
Provides that the board shall meet in regular session once each month and shall also meet
in special session as often as the president of the board convenes the board or upon the
written request of three members. A majority of the members of the board shall constitute
a quorum for the transaction of business. All such meetings shall be public meetings to the
provisions of R.S. 42:5. The board shall keep minutes of all meetings and shall make them
available for inspection through the board's secretary or secretary-treasurer, who shall also
maintain the minute books and archives of the district. The monies, funds, and accounts of
the district shall be in the official custody of the board.
Provides that the domicile of the board shall be established by the board at a location within
the district and that the official journal of the district shall be the official journal of the
LSED.
Provides that the district, acting by and through its board, shall have and exercise all
powers of a political subdivision necessary or convenient for the carrying out of its
objects and purposes, including but not limited to the following in addition to the
other rights and powers set out in proposed law:
(1) To sue and be sued.
(2) To adopt, use, and alter at will a corporate seal.
(3) To acquire by gift, grant, purchase, or otherwise all property, including rights of
way; to hold and use any franchise or property, real, personal, or mixed, tangible or
intangible, or any interest therein, necessary or desirable for carrying out the objects
and purposes of the district.
(4) To enter into contracts for the purchase, lease, acquisition, construction, and SB NO. 678
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improvement of works and facilities necessary in connection with the purposes of the
district, and to mortgage its properties and enter into leases and other agreements on
terms the board approves.
(5) To require and issue licenses with respect to its properties and facilities.
(6) To regulate the imposition of fees and rentals charged by the district for its facilities
and services rendered by it.
(7) To appoint officers, agents, and employees, prescribe their duties, and fix their
compensation.
(8) To enter into cooperative endeavor agreements with any other party, public or
private, to accomplish the purposes of proposed law.
(9) To exercise any and all of the powers granted to an economic development district
as if the district were an economic development district established pursuant to Part
2 of Chapter 27 of Title 33 of the LRS, including but not limited to the powers of tax
increment financing pursuant to R.S. 33:9038.33 and 33:9038.34 and the power to
levy taxes within the district pursuant to R.S. 33:9038.39, provided that any such
powers exercised by the district shall be subject to the provisions of Part 2 of Chapter
27 of Title 33 of the LRS.
Provides that it is expressly provided that any taxes levied by the district, or any subdistrict
created by the district, may exceed the limitation set forth by Article VI, Section 29(A) of
the constitution and shall be imposed, collected and enforced subject to the terms of the
resolution imposing the tax and the provisions of Chapter 2 of Subtitle II of Chapter 47 of
the LRS.
Provides that any taxes or assessments of any type to be levied by the district, or any
subdistrict created by the district, shall be levied only after the board has adopted an
appropriate resolution giving notice of its intention to levy such taxes or assessments, which
resolution shall include a general description of the taxes or assessments to be levied, and
notice of this intention shall be published once a week for two weeks in the official journal
of the district, the first publication to appear at least fourteen days before the public meeting
of the board at which the board will meet in open and public session to hear any objections
to the proposed taxes or assessments. The notice of intent so published shall state the date,
time, and place of the public hearing. Such taxes or assessments may be levied only after the
board has called a special election submitting the proposition for the levy of such taxes or
assessments to the qualified electors of the district or subdistrict, as applicable, and the
proposition has received the favorable vote of a majority of the electors voting in the
election; however, in the event there are no qualified electors in the district or subdistrict,
as applicable, as certified by the registrar of voters, no such election shall be required. The
powers and rights conferred by proposed law shall be in addition to the powers and rights
conferred by any other general or special law. Proposed law does and shall be construed to
provide a complete and additional method for the levy of any taxes or assessments. No
election, proceeding, notice, or approval shall be required for the levy of such taxes or
assessments except as provided herein.
Provides that the district may create subdistricts. The district shall publish notice of its intent
to create a subdistrict in the official journal of the district. At least 10 days after publication
of such notice in the official journal of the district, the board shall conduct a public hearing
on the question of creating such subdistrict. Thereafter, the board may designate one or more
areas within the boundaries of the district as a subdistrict of the district. Each subdistrict
shall constitute a political subdivision of the state and shall be governed by the board.
Provides that each subdistrict shall have the same powers as the district and shall be given
a name and designated as "Louisiana Economic Development District Subdistrict No. or
such other suitable name as the board may designate.
Provides that the district, or any subdistrict created by the district, is hereby authorized and
empowered to issue and sell from time to time bonds, notes, renewal notes, refunding bonds,
interim certificates, certificates of indebtedness, certificates of participation, debentures, SB NO. 678
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warrants, commercial paper, or other obligations or evidences of indebtedness to provide
funds for and to fulfill and achieve its public purpose or corporate purposes, as set forth in
this Subpart, including but not limited to the payment of all or a portion of the costs of a
project, to provide amounts necessary for any corporate purposes, including necessary and
incidental expenses in connection with the issuance of the obligations, the payment of
principal and interest on the obligations of the district, the establishment of reserves to
secure such obligations, and all other purposes and expenditures of the district incident to
and necessary or convenient to carry out its public functions or corporate purposes, and any
credit enhancement for said obligations.
Provides that except as may otherwise be provided by the board, all obligations issued by
the district, or any subdistrict created by the district, shall be negotiable instruments and
payable solely from the revenues of the district or subdistrict, as applicable, as determined
by the board, or from any other sources whatsoever, that may be available to the district or
subdistrict, as applicable, but shall not be secured by the full faith and credit of the state or
the city.
Provides that obligations shall be authorized, issued, and sold by a resolution or resolutions
of the board. Such bonds or obligations may be of such series, bear such date or dates,
mature at such time or times, bear interest at such rate or rates, including variable,
adjustable, or zero interest rates, be payable at such time or times, be in such denominations
and in such form, carry such registration and exchangeability privileges, be payable at such
place or places, be subject to such terms of redemption, and be entitled to such priorities on
the income, revenue, and receipts of, or available to, the district or subdistrict, as applicable,
as may be provided by the board in the resolution or resolutions providing for the issuance
and sale of the bonds or obligations of the district.
Provides that the obligations of the district, or any subdistrict created by the district, shall
be signed by such officers of the board by either manual or facsimile signatures as shall be
determined by resolution or resolutions of the board, and shall have impressed or imprinted
thereon the seal of the district, or a facsimile thereof.
Provides that any obligations of the district, or any subdistrict created by the district, may
be validly issued, sold, and delivered, notwithstanding that one or more of the officers of the
board signing such obligations, or whose facsimile signature or signatures may be on the
obligations, shall have ceased to be such officer of the board at the time such obligations
shall actually have been delivered.
Provides that obligations of the district, or any subdistrict created by the district, may be sold
at such price or prices, at public or private negotiated sale, in such manner and from time to
time as may be determined by the district to be most beneficial, subject to approval of the
State Bond Commission, and the district may pay all expenses, premiums, fees, or
commissions, which it may deem necessary or advantageous in connection with the issuance
and sale thereof.
Provides that the board may authorize the establishment of a fund or funds for the creation
of a debt service reserve, a renewal and replacement reserve, or such other funds or reserves
as the board may approve with respect to the financing and operation of any project funded
with the proceeds of such bonds and as may be authorized by any bond resolution, trust
agreement, indenture of trust or similar instrument or agreement pursuant to the provisions
of which the issuance of bonds or other obligations of the district or subdistrict may be
authorized.
Provides that any cost, obligation, or expense incurred for any of the purposes or powers of
the district specified in proposed law shall be a part of the project costs and may be paid or
reimbursed as such out of the proceeds of bonds or other obligations issued by the district
or subdistrict. SB NO. 678
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Provides that for a period of 30 days from the date of publication of the resolution
authorizing the issuance of bonds hereunder, any persons in interest shall have the right to
contest the legality of the resolution and the legality of the bond issue for any cause, after
which time no one shall have any cause or right of action to contest the legality of said
resolution or of the bonds authorized thereby for any cause whatsoever. If no suit, action, or
proceeding is begun contesting the validity of the bond issue within the thirty days herein
prescribed, the authority to issue the bonds and to provide for the payment thereof, and the
legality thereof and all of the provisions of the resolution authorizing the issuance of the
bonds shall be conclusively presumed, and no court shall have authority to inquire into such
matters.
Provides that neither the members of the board nor any person executing the bonds shall be
personally liable for the bonds or be subject to any personal liability by reason of the
issuance thereof. However, this limitation of liability shall not apply to any gross negligence
or criminal negligence on the part of any member of the board or person executing the
bonds.
Provides that all obligations authorized to be issued by the district, or any subdistrict created
by the district, pursuant to proposed law, together with interest thereof, income therefrom,
and gain upon the sale thereof shall be exempt from all state and local taxes.
Provides that the state and all public officers, any parish, municipality, or other subdivision
or instrumentality of the state, any political subdivision, any bank, banker, trust company,
savings bank and institution, building and loan association, savings and loan association,
investment company or any person carrying on a banking or investment business, any
insurance company or business, insurance association, and any person carrying on an
insurance business, and any executor, administrator, curator, trustee, and other fiduciary, and
any retirement system or pension fund may legally invest any funds belonging to them or
within their control in any bonds or other obligations issued by the district, or any subdistrict
created by the district, pursuant to proposed law, and such bonds or other obligations shall
be authorized security for all public deposits. It is the purpose of this Subsection to authorize
such persons, firms, corporations, associations, political subdivisions and officers, or other
entities, public or private, to use any funds owned or controlled by them, including but not
limited to sinking, insurance, investment, retirement, compensation, pension and trust funds,
and funds held on deposit, for the purchase of any such bonds or other obligations of the
district or subdistrict, and that any such bonds shall be authorized security for all public
deposits. However, nothing contained in this provision with regard to legal investments or
security for public deposits shall be construed as relieving any such person, firm,
corporation, or other entity from any duty of exercising reasonable care in selecting
securities.
Provides that proposed law, being necessary for the welfare of the state, the city-parish and
its residents, shall be liberally construed to effect the purposes thereof.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Adds R.S. 33:9301-9309)