LA Rev Stat § 48:1615 (2021)
2021 Louisiana Laws|Revised Statutes|Title 48 - Roads, Bridges and Ferries|§1615. Participation by local government; alternative methods of financing

RS 1615 - Participation by local government; alternative methods of financing  A. Provision for a mass transit system within the area is declared for the purposes of this Chapter to be an essential governmental function and a public purpose of the parishes of St. Charles, St. James and St. John the Baptist.  B. The board and the local governing body of these parishes, subject to such limitations as are hereinafter in this Section set forth, may negotiate and determine the extent of financial participation and the time or times such financial participation may be required with respect to each of the local governments in order to finance the provision for a mass transit system through the joint instrumentality of the authority. If such determination contemplates a contractual obligation on the part of a local government to make payments to the authority over a period of time exceeding one year or to issue any bonds or other obligations evidencing indebtedness, such determination shall take the form of a mass transit contract to be entered into between the authority and the local government. The final execution of a mass transit contract shall be completed in every instance in the manner hereinafter set forth in this Section.  C. As one method of providing the financial participation determined by its local governing body to be its proper share of the cost of financing a mass transit project or projects, a local government may in the manner prescribed by law and subject to the conditions and limitations prescribed by law, issue its general obligation bonds, pay over the proceeds thereof to the authority and thereby complete and make final the execution of the proposed mass transit contract anticipated by such bond authorization and issuance and the authority shall agree in such contract to perform for such local government the aforesaid governmental function and to provide specified public transportation services and facilities.  D. As an alternative method of providing the financial participation determined by its local governing body to be its proper share of the cost of financing a mass transit project or projects, a local government may enter into mass transit contract or contracts calling for the authority to perform for it the aforesaid governmental function and calling for it to make periodic payments to the authority for the public transportation services and facilities contracted for, which payments may include amounts required to defray the periodic principal and interest payments on any obligations issued by the authority for the purpose of financing the cost of any mass transit project or projects, amounts necessary to establish and maintain reasonable reserves to insure the payment of said debt service and to provide for renewals, extensions, repairs and improvements and additions to the mass transit system, and amounts required to defray any operational deficit which the system or any part thereof may incur from time to time.  E. Before a mass transit contract such as is described in Subsection D shall become valid and binding on a local government which is a party thereto, the same must have been approved by a majority of the qualified voters of the local government voting in a referendum held in accordance with the statutory and constitutional provisions of this state governing elections. If a majority of those voting in such an election vote in favor of the proposition submitted then the mass transit contract as approved shall become valid and binding in accordance with its terms.  F. A local government may elect any method provided in this Section to finance the participation required of it in whole or in part, and the election of one method shall not preclude the election of another method with respect thereto or with respect to any additional or supplementary participation determined to be necessary.  G. When the authority and a local government have completed and fully executed a mass transit contract in compliance with the requirements of this Chapter, and the voters shall have approved such contract as herein provided, such contract shall constitute an obligation on the part of the local government for the payment of which its good faith and credit are pledged. Added by Acts 1976, No. 638, §1.