The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by James Benton.
DIGEST
SB 481 Engrossed 2024 Regular Session Boudreaux
Proposed law provides for the creation of an economic development district that includes property
owned by the University of Louisiana at Lafayette (ULL) and its affiliate entities. The purpose of the
district is to provide for cooperative economic and community development.
Proposed law provides for the boundaries of the district.
Proposed law provides that the district shall be administered and governed by a board of
commissioners comprised as follows:
(1)The president of the university or a successor president.
(2)The president of the university shall appoint four persons.
Proposed law provides that the appointed members shall serve five-year terms after the initial terms,
determined by lot, as follows:
(1)Two members shall serve an initial term of two years.
(2)Two members shall serve an initial term of three years.
Proposed law provides that each appointed member of the board shall continue to serve until
reappointed or a successor is duly appointed. Any vacancy in the membership of the board shall be
filled in the manner of the original appointment for the unexpired term. If an appointment to fill a
vacancy is not made within 60 days, the board shall appoint an interim successor to serve until the
position is filled by the president of the university.
Proposed law provides that the district shall have and exercise all powers of a political subdivision,
including but not limited to the following:
(1)To sue and be sued.
(2)To adopt, use, and alter at will a corporate seal.
(3)To acquire by gift, grant, purchase, donation, exchange, or any other means all property.
(4)To enter into contracts in connection with the purposes of the district.
(5)To incur debt and to issue revenue bonds, special assessment bonds, certificates, notes, and other evidences of indebtedness and to levy certain taxes.
(6)To regulate the imposition of fees and rentals charged by the district for its facilities and
services rendered by it.
(7)To borrow money and pledge all or part of its revenues, leases, rents, or other advantages as
security for such loans.
(8)To appoint officers, agents, and employees, prescribe their duties, and fix their
compensation.
(9)To develop public improvement projects for the benefit of the university.
(10)To exercise any and all of the powers granted to an economic development district under
present law.
(11)To exercise any and all of the powers granted to a community development district as if the
district were a community development district established pursuant to present law.
Proposed law 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.
Proposed law provides that any sales and use tax levied by the district may exceed the limitation set
forth by present law and shall be imposed, collected, and enforced subject to the terms of the
resolution imposing the tax and the provisions of present law.
Proposed law provides that the district is authorized to levy taxes or assessments of any type acting
by and through its board. Further provides that the tax so authorized shall be imposed by ordinance
adopted by the district, acting by and through its board, without the need of an election.
Proposed law provides that the district may issue and sell from time to time bonds, notes, renewal
notes, refunding bonds, interim certificates, certificates of indebtedness, certificates of participation,
debentures, warrants, commercial paper, or other obligations or evidence of indebtedness to provide
funds for and to fulfill and achieve its purposes.
Proposed law provides that the district may be the recipient of a sales or use tax increment which
consists of that portion of the designated incremental sales or use tax collected each year on the sale
at retail, the use, the lease or rental, the consumption and storage for use or consumption of tangible
personal property, and on sales of services.
Proposed law provides that any ordinance or resolution adopted by the board or the pledge of tax
increments collected under the authority of proposed law to any financing authorized by proposed
law shall be published at least twice in the official journal of Lafayette Parish.
Proposed law provides that proposed law shall be liberally construed. Effective August 1, 2024.
(Adds R.S. 33:9038.77)