Provides relative to the issuance of bonds by the Tensas Parish Port, Harbor and Terminal District. (gov sig) (EN SEE FISC NOTE LF EX See Note)
Impact
The bill considerably impacts local governance by giving the Tensas Parish Port, Harbor and Terminal District more autonomy in managing its financial obligations. By allowing the commission to leverage revenues for issuing bonds, it potentially facilitates better infrastructure development and operational efficiencies. The newly established framework for bond issuance aims to enhance the financial stability of the district, which may translate to improved economic conditions in the area.
Summary
Senate Bill 147 focuses on the Tensas Parish Port, Harbor and Terminal District and aims to amend existing regulations regarding the issuance of bonds by the district. The bill provides the commission with the authority to incur debt and issue negotiable bonds or notes for lawful purposes, thus enhancing the district's capacity for financial operations. These bonds can be supported by revenues derived from various sources, including facility operations and taxes. The maximum amount of outstanding bonds is capped at fifteen million dollars, with a repayment period not exceeding forty years and an annual interest ceiling of five percent.
Sentiment
The sentiment surrounding SB 147 appears to be generally positive, particularly among legislators who view this measure as a way to stimulate economic activity within Tensas Parish. The unanimous vote in the House of Representatives, with 95 yeas and no nays, reflects a strong consensus on the necessity and benefits of the bill. Supporters argue that enhancing the district's financial capabilities will foster investment and growth.
Contention
Despite the overall support for the bill, some concern may arise regarding the implications of increased debt levels and the stewardship of public finances. Critics might argue about the risks of burdening future generations with financial obligations, particularly if revenue projections do not materialize as expected. Additionally, the parameters surrounding bond issuance, such as interest rates and repayment terms, could lead to discussions about fiscal responsibility and governance in the district.
Authorizes the creation of cooperative economic development districts affiliated with Southern University and Louisiana State University in East Baton Rouge Parish. (gov sig) (EN SEE FISC NOTE GF RV See Note)