2006 Louisiana Laws - RS 34:2035 — Revenue bonds for authorized functions and purposes, prescription

§2035.  Revenue bonds for authorized functions and purposes, prescription

A.  In addition to other authorized methods of issuance of revenue bonds and as separate and distinct authority for the issuance of revenue bonds, in addition to any other procedures and authorization, the commission is hereby authorized in accordance with this Section.

B.  Revenue bonds may be issued by the commission to accomplish any of the authorized public functions or purposes set forth in this Chapter.  All such bonds shall be negotiable instruments and shall be solely the obligation of the commission.  Such bonds shall be authorized and issued by resolution adopted by a majority vote of the board of commissioners of the district and shall be of such series, bear such date, mature at such time, bear interest at such rate, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration and exchange ability privileges, be payable at such place, be subject to such terms of redemption, and be entitled to such priorities on the income, revenue, and receipts of the commission as such resolution may provide.  The commission may enter into lease agreements, loans, or any other type of financing arrangements to provide for a revenue source to make payments on the bonds as shall be approved in any resolution or ordinance providing for the issuance of such bonds.  The bonds shall be signed by such officers as the commission shall determine, and such signatures may be by facsimile.

C.  Such bonds shall be sold by the board of commissioners of the district in such manner as may be determined by the commission to be most beneficial to the commission, and the commission may pay all expenses and commissions which it may deem necessary or advantageous in connection with the issuance and sale of such bonds.  Such bonds may, in the discretion of the commission, be additionally secured by a mortgage on all or any part of the projects acquired, constructed, extended, or improved with the proceeds thereof, and the commission shall have full discretion to make such provisions as it may see fit for the making and enforcement of such mortgage and provisions to be therein contained.

D.(1)  The issuance and sale of such bonds by the commission shall be approved by the State Bond Commission.  At least seven days prior to the sale of such bonds by the commission, the commission shall cause to have published a notice of sale in a newspaper of general circulation in the parish of Jefferson.  This notice of sale shall state if any proposals have been made for the purchase of the bonds and that other proposals will be considered and that the proposal most advantageous to the commission will be accepted at the time of the sale.

(2)  For a period of thirty days from the date of publication of the notice of sale, any person or persons with interest shall have the right to contest the legality of the notice of sale, resolution, or other proceedings authorizing the issuance of the bonds and the legality of the bond issue for any cause, after which time no person shall have any cause or right of action to contest the legality of said resolution or other proceedings or of the bonds authorized thereby for any cause whatsoever.  If no suit, action, or proceedings are begun contesting the validity of the bonds within the thirty days herein prescribed, the commission may commence to issue the bonds and to provide for the payment thereof.  Thereafter, the legality of the bonds, and of all of the provisions of the resolution or other proceedings authorizing the issuance of the bonds, shall be conclusively presumed, and no court shall have authority to inquire into such matters.

E.  Such bonds shall have all the qualities of negotiable instruments under the commercial laws of the state of Louisiana.  All such bonds shall be special and limited obligations of the commission. In no event shall any such bonds constitute an obligation, either general or special, of the general credit of the commission or of the state of Louisiana within the meaning of any constitutional or statutory provision whatsoever, and the bonds shall contain a recital to that effect.

Acts 2003, No. 887, §1.