2011 Louisiana Laws
Revised Statutes
TITLE 39 — Public finance
RS 39:1800.27 — Powers

§1800.27. Powers

A. In addition to the powers granted it by the General Nonprofit Corporation Law, Title 12 of the Louisiana Revised Statutes of 1950, the corporation shall have power to undertake any project, to provide for the financing thereof, and in connection therewith:

(1) To receive and accept from any agency of the United States or any agency of the state of Louisiana or any municipality, parish, or other political subdivision thereof, or from any individual, association, or corporation gifts, grants, or donations of monies or other property for achieving any other purposes of this Chapter.

(2) To finance, own, lease as lessee or lessor a public facility or facilities owned or leased by the corporation and to enter into contracts for any or all such purposes, including contracts for the acquisition, purchase, construction, renovation, improvement, equipping, or expansion of such public facility or facilities owned or leased by the corporation.

(3) To receive and accept from any source loans, contributions, or grants for or in aid of a project, or the financing thereof in either money, property, labor, or other things of value.

(4) To mortgage all or any portion of its interest in a public facility or facilities and the property on which any such public facility or facilities are located, whether owned or thereafter acquired, including the granting of a security interest in any property, corporeal or incorporeal, and to assign or pledge all or any portion of its interest in property, corporeal or incorporeal, and the revenues therefrom.

(5) To lease for a term not to exceed forty years to the system or to the state of Louisiana, through the division of administration, the project being financed or public facilities conveyed to the corporation in connection with such financing, upon such terms and conditions as are mutually agreeable and both parties deem proper, however, any and all such agreements shall contain an annual appropriation dependency clause, and to charge and collect rents therefor and to terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; to include in any such lease, if it shall so desire, provisions that the lessee thereof shall have options to renew the term of the lease for such period or periods and at such rent as shall be determined by the corporation or to purchase any or all of the public facilities, or that upon payment of all of the indebtedness incurred by the corporation for the financing of such project, then the corporation shall convey any or all of the public facilities to the state of Louisiana on behalf of the system with or without consideration. The system or the state of Louisiana, through the division of administration, may enter into a lease for immovable or movable property with the corporation, whether as lessee or lessor, pursuant to this Chapter.

(6) To obtain, or aid in obtaining, from any department or agency of the United States or the state of Louisiana, including the office of risk management or any private company, any insurance or guarantee as to, or of, or for the payment or repayment of, interest or principal, or both, or any part thereof, on any lease or obligation or any instrument evidencing or securing the same, made or entered into pursuant to the provisions of this Chapter and to assign any such insurance or guarantee as security for the corporation's bonds.

(7) To enter into any trust agreement or agreements providing, among other matters, for the execution and delivery of certificates in any lease between the state or a third party and the corporation.

(8) To participate in any capacity with new market tax credit financing and other tax credits.

(9) To enter into any and all agreements or contracts, execute any and all instruments, and do and perform any and all acts or things necessary, convenient, or desirable for the purposes of the corporation or to carry out any power expressly given in this Chapter.

B. In addition to the powers granted it by law, the system or the state of Louisiana, through the division of administration, shall have the power:

(1) To enter into a negotiated lease or leases with the corporation of any public facility for a term not to exceed forty years upon such terms and conditions as it shall deem proper, however, such agreements shall contain an annual appropriation dependency clause.

(2) To sublease any such leased public facilities to any political subdivision or public body of the state of Louisiana or to any commission, entity, or regional authority created under or by intergovernmental cooperation under the laws of the state of Louisiana; provided that no such sublease shall relieve the sublessor of its obligations under its lease from the corporation relating to the subleased public facilities.

(3) Notwithstanding the provisions of R.S. 41:1211 et seq., to negotiate a lease or leases to the corporation of land owned by the system or by the state for a period not to exceed forty years upon such terms and conditions as it shall deem proper.

C. Any political subdivision or public body of the state of Louisiana or any public commission, entity, or regional authority created under the law of the state of Louisiana may, with the prior approval of the division of administration, enter into a sublease of public facilities from the system or the state of Louisiana.

Acts 2010, No. 556, §1.