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)]
HB 73 Original 2020 Second Extraordinary Session Jones
Abstract: Relative to the Downtown Economic Development District for the City of Monroe,
removes certain restrictions placed on the district's use of tax increment financing.
Present law authorizes the governing authority of the city of Monroe, subject to the approval of the
mayor, to create a special taxing district to be known as the Downtown Economic Development
District for the City of Monroe. Provides for district boundaries within the city of Monroe. Provides
that the governing authority of the city has control over and responsibility for the functions, affairs,
and administration of the district.
Proposed law retains present law.
Present law provides relative to the powers and duties of the district, including the authority provided
to an economic development district pursuant to present law (R.S. 33:9038.31 et seq.), which
includes the authority to use tax increment financing to fund economic development projects.
Present law authorizes the district to issue revenue bonds payable from an irrevocable pledge and
dedication of up to the full amount of tax increments available to an economic development district
as provided in present law (R.S. 33:9038.31). Provides that the pledge and dedication of tax
increments is subject to the approval of district voters.
Proposed law retains present law, except removes the voter approval requirement.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 33:2740.49(H)(1))