2015 Regular Session ENROLLED
SENATE BILL NO. 257
BY SENATOR THOMPSON AND REPRESENTATI VE HUNTER
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
1 AN ACT
2 To amend and reenact R.S. 33:9038.31(2) and (3) and to enact R.S. 33:9038.68, relative to
3 Tax Increment Development Corporations; to authorize certain additional tax
4 increment finance authority for certain such corporations; and to provide for related
5 matters.
6 Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 33:9038.31(2) and (3) are hereby amended and reenacted and R.S.
8 33:9038.68 is hereby enacted to read as follows:
9 §9038.31. Definitions
10 As used in this Part, the following terms shall have the following meanings,
11 unless the context requires otherwise:
12 * * *
13 (2) "Issuer" means the local governmental subdivision, economic
14 development district, industrial development board of the municipality or parish
15 authorized and created pursuant to Chapter 7 of Title 51 of the Louisiana Revised
16 Statutes of 1950, or a public trust with the municipality or parish as the beneficiary
17 thereof as provided in Chapter 2-A of Code Title II of Code Book III of Title 9 of the
18 Louisiana Revised Statutes of 1950, as authorized in this Part, or any Tax
ACT No. 464
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1 Increment Development Corporation activated in a municipality with a
2 population of not less than three thousand three hundred and not more than
3 three thousand three hundred ninety-five persons according to the most recent
4 federal decennial census for the purposes provided for in R.S. 33:9038.68.
5 (3) "Local governmental subdivision" means any municipality or parish or
6 any municipality, parish, local industrial board, or a local public trust authorized
7 pursuant to R.S. 33:9038.33(N) or 9038.34(N) having jurisdiction over the
8 geographical area bounded by the Mississippi River, the Orleans/Jefferson parish
9 line and the Orleans/Plaquemines parish line, or any Tax Increment Development
10 Corporation activated in a municipality with a population of not less than three
11 thousand three hundred and not more than three thousand three hundred
12 ninety-five persons according to the most recent federal decennial census for the
13 purposes provided for in R.S. 33:9038.68; but the provisions of this Part shall not
14 apply to any of the financing of construction, renovations, or improvements of any
15 convention center, hotel complex, and ancillary facilities within the city of
16 Shreveport. However, the provisions of this Part shall apply to the parish of Rapides,
17 only as provided in R.S. 33:9038.41.
18 * * *
19 §9038.68. Certain tax increment development corporations
20 A. In addition to the authority provided to a Tax Increment
21 Development Corporation by Chapter 1 of Subtitle IX of Title 47 of the
22 Louisiana Revised Statutes of 1950, (R.S. 47:8001 et seq.), any Tax Increment
23 Development Corporation activated in a municipality with a population of not
24 less than three thousand three hundred and not more than three thousand three
25 hundred ninety-five persons according to the most recent federal decennial
26 census shall have the tax increment finance authority, taxing authority, and
27 other authority that is provided to local governmental subdivisions in Part II of
28 Chapter 27 of Title 33 of the Louisiana Revised Statues of 1950 (R.S. 33:9038.31
29 et seq.), for the purpose of financing or refinancing an economic development
30 project or a tax increment community development project consisting of a
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1 combination of residential housing units, a bank, and retail establishments
2 including a grocery store, pharmacy, restaurants, and related facilities. The
3 authority shall include but not be limited to ad valorem tax increment financing
4 and bonding in R.S. 33:9038.33, sales tax increment financing and bonding in
5 R.S. 33:9038.34, cooperative endeavor authority in R.S. 33:9038.35, bond
6 authority in R.S. 33:9038.38, and ad valorem, sales tax, and hotel occupancy tax
7 authority in R.S. 33:9038.39.
8 B. Notwithstanding any provision of Part II of Chapter 27 of Title 33 of
9 the Louisiana Revised Statues of 1950 (R.S. 33:9038.31 et seq.) or any other law
10 to the contrary, any powers, authorities, or duties granted under the laws in
11 that Part shall be restricted to a geographically-defined district of no more than
12 ten acres initiated by the chief executive officer or mayor of a municipality, or
13 to a tax increment community development area established by ordinance or
14 resolution of the corporation of no more than ten acres, within which the
15 project described in Subsection A of this Section will be constructed.
16 C. The corporation may pledge any taxes collected under the authority
17 of this Section to a tax increment community development project of a
18 corporation or an economic development project described in Subsection A of
19 this Section in furtherance of the purposes of the corporation. Financing may
20 include but shall not be limited to loans, mortgages, the issuance of bonds, or
21 the issuance of certificates of indebtedness.
22 D. Term. Notwithstanding any provision of Part II of Chapter 27 of Title
23 33 of the Louisiana Revised Statues of 1950 (R.S. 33:9038.31 et seq.) or any
24 other law to the contrary, the corporation may not dissolve or cease to exist
25 until one year after the date all bonds, notes, and other evidences of
26 indebtedness of the corporation, including refunding bonds, are paid in full as
27 to both principal and interest; however, in no event shall the corporation have
28 an existence of less than three years.
29 E. Liberal Construction. This Section shall be liberally construed to
30 effect the purposes thereof.
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1 Section 2. This Act shall become effective upon signature by the governor or, if not
2 signed by the governor, upon expiration of the time for bills to become law without signature
3 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
4 vetoed by the governor and subsequently approved by the legislature, this Act shall become
5 effective on the day following such approval.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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