2023 Louisiana Laws › Revised Statutes › Title 33 - Municipalities and Parishes › §33:4710.17. Bonds

RS 33:4710.17 - Bonds
A. The authority may, from time to time, with the approval of the State Bond Commission, issue negotiable bonds in one or more series in such principal amount as it deems necessary to provide for the acquisition, construction, reconstruction, extension, or improvement of one or more projects, including engineering, architectural, inspection, legal, and financial fees and costs, interest on such bonds during construction and for a reasonable period thereafter, establishment of reserves to secure such bonds, and all other expenditures of the authority incidental or necessary or convenient thereto. The annual payments due on bonds of the authority for principal, interest, premium, or otherwise shall not exceed the estimated annual revenues of the hotel occupancy taxes authorized by this Chapter and other income and revenues of the authority derived from any source whatsoever, including without limitation any and all taxes, fees, and charges authorized by this Chapter and revenues derived from one or more projects or expansion projects and leases and agreements securing the payment of bonds. Such bonds shall be authorized and issued by a resolution of the board of the authority and shall be of such series, bear such date or dates, be serial or term bonds, or a combination thereof, mature at such time or times, bear interest at such rate or rates payable on such date or dates, be in such denominations, be in such form, carry such registration and exchangeability privilege, be payable in such medium of payment and at such place or places, be subject to such terms of redemption, and be secured in such manner consistent with the authority contained in this Section as the resolution authorizing such bonds may provide.
B. The bonds shall be executed in the name of the authority by the manual or facsimile signature of such officer or officers of the board as may be designated in the resolution or other instrument providing for their issuance. If any officer whose manual or facsimile signature appears on any bond ceases to be such officer before the delivery of such bonds, such signature nevertheless shall be valid and sufficient for all purposes as if he had remained in office until such delivery. The resolution or trust instrument may provide for authentication of the bonds by the trustee or fiscal agent thereunder.
C. All bonds issued by the authority shall be sold in such manner and for such prices as the board may determine.
D. The board may, in any resolution authorizing the issuance of such bonds, enter into such covenants with the future holder or holders of the bonds as to the management and operation of projects, the lease or rental thereof, the imposition and collection of fees and charges for services and facilities furnished by the authority, the disposition of such fees and revenues, the issuance of future bonds and the creation of future liens and encumbrances against the projects and the revenues therefrom, the carrying of insurance on the project facilities, the keeping of books and records, and other pertinent matters as may be deemed proper by the board to assure the marketability of the bonds.
E. Any holder of the bonds may by appropriate legal action compel performance of all duties required of the authority and its officials and the board by this Chapter.
F. If any bond issued under this provision of this Chapter and secured by the revenue or revenues of a project or projects is permitted to go into default as to principal or interest, any court of competent jurisdiction may, pursuant to the application of the holder of the bond, appoint a receiver for such project or projects, which receiver shall be under the duty of operating the project or projects and collecting the revenues pledged to the payment of the bonds, pursuant to the provisions of this Chapter and the resolution authorizing the bonds.
G. Bonds may, in the discretion of the board, be additionally secured by conventional mortgage on all or any part of the properties or facilities acquired, constructed, extended, or improved with the proceeds thereof, and the board shall have full discretion to make such provisions as it may see fit for the making and enforcement of such mortgage and the provisions to be therein contained.
H. The board may provide by resolution for the issuance of refunding bonds of the authority for the purpose of refunding outstanding bonds of the authority issued pursuant to the provisions of this Chapter, such refunding bonds to be issued pursuant to the provisions of Chapter 14-A of Title 39 of the Louisiana Revised Statutes of 1950 or pursuant to the Consolidated Local Government Public Finance Act.
I. Any bonds issued pursuant to this Section and the income therefrom are exempt from taxation by this state or any political subdivision thereof.
J. Every resolution authorizing the issuance of bonds of the authority shall be published at least once in the official journal of the authority. For thirty days after the date of publication, any person in interest may contest the legality of the resolution and of any provision therein made for the security and payment of the bonds. After that time, no one shall have any cause of action to test the regularity, formality, legality, or effectiveness of the resolution and provisions thereof for any cause. Thereafter, it shall be conclusively presumed that every legal requirement for the issuance of the bonds has been complied with. No court shall have authority to inquire into any of these matters after the thirty days.
K. If the authority has issued bonds secured by hotel occupancy taxes, food and beverage taxes, or other taxes, fees, or charges authorized by this Chapter, neither the legislature nor the authority shall discontinue or decrease such taxes, fees, or charges or permit to be discontinued or decreased such taxes, fees, or charges in anticipation of the collection of which such bonds have been issued, or in any way make any change in the allocation and dedication of the proceeds of such taxes, fees, or charges which would diminish the amount of such taxes, fees, or charges to be received by the authority until all of such bonds have been retired as to principal and interest or irrevocable provision made for the payment of principal and interest on such bonds, and there is hereby vested in the holders from time to time of such bonds a contractual right under the provisions of this Chapter.
Acts 2019, No. 172, §1.