2011 Louisiana Laws
Revised Statutes
TITLE 39 — Public finance
RS 39:991.2 — Authorization to issue revenue bonds; port commissions and port, harbor, and terminal districts

§991.2. Authorization to issue revenue bonds; port commissions and port, harbor, and terminal districts

In addition to any authority conferred by other laws, all port commissions and all port, harbor, and terminal districts, hereinafter referred to as commissions, shall constitute municipal corporations or municipalities for the purposes of this Part and may issue their revenue bonds as provided in this Part for purposes set forth in this Part and/or for the purpose of constructing, acquiring or improving port facilities, including those capital improvements described by law as being projects authorized to be undertaken by the governing board of any such commission under its general jurisdiction and powers. Such revenue bonds shall be issued in the name of the particular issuing commission and shall not be general obligations secured by a pledge of the full faith and credit of the state, the commission, or the parishes contained within its port area, and the issuance thereof shall not constitute the incurring of state debt under the constitution. The revenue bonds shall be limited obligations of the particular commission. The principal, interest and redemption premiums on the revenue bonds, if any, shall be payable solely from the income and revenue derived from the sale, lease or other disposition of the project or facility so financed including all or part of the dockage or other fees received by the particular commission as a result of such project or facility, all as more fully set forth in this Part. Also, in the discretion of the particular commission the bonds may be additionally secured by a mortgage covering all or any part of the project or facility as more fully set forth in this Part. Notwithstanding other provisions of law to the contrary, title to the sites, projects and/or facilities, and appurtenances thereto acquired and purchased through the issuance of the revenue bonds herein authorized shall vest solely in the particular commission and shall not vest in the state of Louisiana. Such commissions may sell, lease, sublease or otherwise dispose of by suitable and appropriate contract the sites, projects and/or facilities, and appurtenances thereto, all or severally, financed by said revenue bonds in the manner provided by this Part. Revenue bonds of deep-water port commissions, as defined in Article VI, Section 44 of the constitution, shall be sold on behalf of such commissions by the State Bond Commission in accordance with law and the provisions of this Part. Revenue bonds of all other commissions shall be sold by the respective governing authorities thereof. In all other respects such commissions are authorized and empowered to issue their revenue bonds to finance projects or facilities as herein described under the authority contained in this Part without the limitations of other laws and such commissions may contract with respect to such projects or facilities as herein provided.

Added by Acts 1977, No. 698, §1, eff. July 25, 1977.