2006 Louisiana Laws - RS 34:2505 — Bonds

§2505.  Bonds

A.  For any of the purposes of the district, the commission is authorized with the approval of the State Bond and Tax Board to incur debt and issue negotiable bonds of the district to be secured and payable from taxes to be levied on all taxable property in the district without limitation as to rate or amount, when authorized by a vote of the majority in number and amount of the property taxpayers of the district qualified to vote under the constitution and laws of this state who vote at an election held for that purpose.  All such elections and all proceedings for the issuance and sale of bonds shall be called, held and conducted in accordance with the laws authorizing and governing elections and authorizing the issuance of bonds for such purposes by other political subdivisions which are authorized to incur debt and issue bonds of like character under Article XIV of the Constitution of Louisiana.  The provisions of such laws shall govern and control all elections held hereunder and insofar as the same may be applicable thereto the commission shall levy annually on all property situated within the district subject to taxation any additional special taxes that may be necessary to provide for the payment of principal and interest on the bonds authorized to be issued under this Part.  These special taxes shall be levied, assessed and collected on the property within the district under the same methods, terms and conditions and at the same time as state and parish taxes are levied, assessed and collected; these taxes shall be secured by the same liens upon the property subject to taxation within the district as taxes for state and parish purposes; the property subject to any taxes within said district shall be sold for failure to pay the same in the same manner as property is sold for delinquent state, parish and other taxes under the laws of the state.  The provisions of the constitution and all laws regulating the collection of taxes, the creating of tax liens and mortgages, tax penalties and tax sales shall also apply to the collection of all taxes authorized by this part.  The general obligation bonds authorized herein shall be issued by the commission with such dates, forms, terms, series, interest rates, maturities, denominations, redemption and registration as the commission may determine in compliance with the provisions of Article XIV, Section 31 of the Constitution of the State of Louisiana for the year 1921 as amended, and the commission shall have complete authority to incur debt and issue bonds of each type and in every manner provided by the said constitutional provision.  

The amount of such bonds outstanding at any one time shall never exceed fifteen million dollars.  All bonds issued under the provisions of this chapter shall be exempt from taxation.  They shall be acceptable as security for any deposit of public funds.  

B.  No such bonds shall run for a longer period than forty years from the date thereof, or bear a greater rate of interest than six per centum per annum, payable annually or semiannually, or be sold for less than par.  Such bonds shall become due and payable in annual installments beginning not more than three years after the date of issuance.  

Should the commission neglect or fail for any reason to impose or collect the taxes for the payment of the principal and interest of any such bonds, any person in interest shall have a cause of action, enforceable in any court having jurisdiction of the subject matter, to enforce the imposition and collection of such taxes.  

In addition to the pledge of revenues derived from taxes, the commission may pledge for the payment of the principal and interest of such bonds the revenues derived from the operation of properties and facilities maintained and operated by it or received by the commission from other sources.  The commission is authorized to pledge for the further securing of the payment of the principal of and interest on such bonds, all or any part of any moneys received by the commission from the United States, the State of Louisiana, or any political subdivision thereof, by gift, grant, donation or otherwise, unless otherwise provided by the terms of such gift, grant or donation.  In addition to the pledge of revenues to secure said bonds, above stated, the commission may further secure their payment by conventional mortgage upon any or all of the properties constructed or acquired or to be constructed and acquired by it.  

Such bonds shall constitute a general obligation of the district for which the full faith and credit of the district shall be pledged.  

C.  Such bonds shall be authorized by a resolution of the commission and shall be of such series, bear such date or dates, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration and exchangeability privilege, be payable in such medium of payment and at such place or places and be subject to such terms of redemption at par as such resolution may provide.  The bonds shall be signed by such officers as the commission shall determine, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signatures of the officer or officers of the district it designates.  Any such bonds may be issued and delivered, notwithstanding that one or more of the officers signing such bonds or the officer or officers, whose facsimile signature or signatures may be upon the coupons, shall have ceased to be such officer or officers at the time the bonds shall actually have been delivered.  

D.  All bonds issued under authority of this Chapter shall be sold to the highest bidder at a public sale after advertisement by the district at least once a week for not less than three consecutive weeks, the first publication being not less than twenty-one days prior to the date fixed for the reception of bids, in a newspaper of general circulation within the district and in a financial newspaper or journal published in New Orleans, New York or Chicago, reserving to the district the right to reject any and all bids and to readvertise for bids.  If the bonds are not sold pursuant to the advertisement, they may be sold by the commission by private sale, within sixty days after the date advertised for the reception of sealed bids, but no private sale shall be made at a price less than the highest bid which shall have been received.  If not sold, the bonds shall be readvertised in the manner herein prescribed.

E.  For a period of sixty days from the date of promulgation of the adoption of any resolution authorizing the issuance of its bonds or notes, any person in interest shall have the right to contest the legality of such resolution and the validity of such bonds or notes issued or proposed to be issued thereunder, after which time no person shall have any cause or right of action to contest the regularity, formality or legality of said resolution or to draw and question the legality of said bonds or notes or the debts represented thereby for any cause whatever, and it shall be conclusively presumed that every legal requirement has been complied with, and no court shall have authority to inquire into such matters after the lapse of said sixty days.  

Such bonds shall have all the qualities of negotiable instruments under the law merchant and the Negotiable Instrument Law of this state.  

F.  The prohibition contained in R.S. 43:111 against advertising in any newspaper, book, pamphlet or periodical, shall not apply to the East Cameron Port Commission in carrying out its functions and duties hereunder.  

Added by Acts 1968, No. 395, §1.  Amended by Acts 1968, Ex.Sess., No. 32, §1.