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2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:466.11. Authorization to buildings, structures and facilities

RS 39:466.11 - Authorization to buildings, structures and facilities
The State Bond Commission is hereby authorized and directed to obtain funds not in excess of eleven million dollars for the construction by the Capital Construction and Improvement Commission of buildings, structures and other facilities comprising the capital outlay program of the Louisiana State School for the Deaf to be located in East Baton Rouge Parish and the furnishings and equipment therefor.
Added by Acts 1970, No. 68, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:466.12. Bonds

RS 39:466.12 - Bonds
To provide said funds for such capital outlay, the State Bond Commission is authorized to borrow money and issue and sell bonds and other obligations of the State of Louisiana subject to the first paragraph of Article IV, Section 2 of the Constitution of Louisiana.
Said bonds or other obligations shall be general obligations of the State of Louisiana to the payment of which, as to principal, premium, if any, and interest, as and when the same become due and payable, the full faith and credit of the State shall be and hereby is irrevocably pledged. The bonds shall be secured by moneys pledged and dedicated to and paid into the Bond Security and Redemption Fund and shall be payable on a parity with bonds or other obligations heretofore and hereafter issued which are secured by said fund.
The bonds or other obligations shall be issued from time to time, and shall be in such series and form and for such term, not exceeding thirty years, and shall bear such rate or rates of interest as shall be determined by the State Bond Commission and otherwise shall be issued in accordance with the provisions of R.S. 39:1401-39:1406 and R.S. 39:1361-39:1366.
The proceeds from the bonds shall be deposited in the Capital Improvement Bond Fund, and shall be disbursed by the state treasurer to the Capital Construction and Improvement Commission at such time or times as required by said commission for the construction by said commission of buildings, structures and other facilities comprising the capital outlay program of the Louisiana State School for the Deaf to be located in East Baton Rouge Parish and the furnishings and equipment therefor.
Added by Acts 1970, No. 68, §2.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:466.13. Powers

RS 39:466.13 - Powers
The Capital Construction and Improvement Commission is hereby vested with all powers necessary or convenient to carry out the purpose of this Chapter with respect to the construction of the buildings, structures and other facilities comprising the capital outlay program of the Louisiana State School for the Deaf in the parish of East Baton Rouge, and the furnishings and equipment therefor, and this Chapter shall be liberally construed to that end. The commission is hereby authorized to adopt rules and regulations for the effectuating of such purpose not inconsistent with the provisions hereof.
Added by Acts 1970, No. 68, §3.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:469. Tax rebate; publicly-owned facility activity

RS 39:469 - Tax rebate; publicly-owned facility activity
A. As used in this Section, the following words and expressions shall have the meanings provided in this Subsection, unless the context clearly requires otherwise:
(1) "Public facility" means a stadium facility owned and operated by the state or any of its agencies, boards, or commissions that is normally used for athletic or sporting events, activities, or enterprises and that has a seating capacity in excess of ninety thousand.
(2) "Event, activity, or enterprise" means a musical or other entertainment undertaking in the public facility that has been held for no less than two consecutive years prior to the undertaking, is conducted over two consecutive days, and has an average attendance of at least twenty-five thousand per day.
(3) "Participating local governmental subdivision" means a local governmental subdivision located within the parish in which the public facility is located, that is a taxing authority for sales and use tax purposes, and whose governing authority has agreed to participate in the rebate provided in this Section.
(4) "Rebate" means the return to the promoter of the sales and use taxes paid for admission to the event, activity, or enterprise to a participating local governmental subdivision, for the right of admission to the event, activity, or enterprise.
(5) "Right of admission" means a ticket, including the value of any ticket included in the sale or right to use a suite during the event, activity, or enterprise, or any charge for parking that is paid for the privilege of entering the event, activity, or enterprise.
B. The right of admission to any event, activity, or enterprise conducted in a publicly owned facility owned and operated by the state or any of its agencies, boards, or commissions shall be subject to rebate of sales and use taxes imposed by any local governmental subdivision as provided in this Section.
C.(1) The rebate shall be payable by the respective taxing body within ninety days after submission of sufficient proof of entitlement to the rebate for the event, activity, or enterprise by the promoter.
(2) The owner and operator of the public facility shall certify the number of admissions to each event, activity, or enterprise that are subject to the rebate. The single collector for sales and use taxes in the parish in which the public facility is located shall provide for such reporting requirements as are necessary to administer the rebate. Any taxpayer specific information provided pursuant to this Subsection shall be confidential to the extent provided by law.
Acts 2012, No. 787, §1, eff. July 1, 2012.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:471. Governing authorities

RS 39:471 - Governing authorities
The following governing authorities of subdivisions are:
(1) For parishes and roads and subroad districts, the police jury or the equivalent;
(2) For cities, towns, villages and sewerage districts composed of territory within their corporate limits, the municipal boards thereof;
(3) For waterworks and subwaterworks districts, the waterworks commissioners of the waterworks district;
(4) For sewerage districts composed of territory outside of the corporate limits of municipal corporations the board of supervisors of the district;
(5) For gravity drainage and subdrainage districts, the drainage commissioners of the board of the parish in which they are located;
(6) For school districts, the school board of the parish in which they are located;
(7) For fire protection districts, the governing authority of the district as provided in Part I of Chapter 7 of Title 40 of the Louisiana Revised Statutes of 1950.
(8) For hospital service districts, the board of commissioners of the district;
(9) For school districts which are composed of lands of more than one parish, the school board of the parish which furnishes the territory carrying the highest assessment, according to the assessment rolls last filed;
(10) For road districts which are composed of more than one parish, the police juries of the parishes composing the district. In joint session they shall elect the president, secretary and treasurer, and shall fix the domicile of the governing authority at the parish seat of one of the parishes;
(11) For gas utility districts, the board of commissioners of each such district.
(12) For wards, the governing bodies of the parishes in which the wards are located.
Amended by Acts 1960, No. 416, §1; Acts 1975, No. 154, §1; Acts 1984, No. 72, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:471.1. Certain home rule charter parishes

RS 39:471.1 - Certain home rule charter parishes
Pursuant to Article VI, Section 6 of the Constitution of Louisiana, in any parish which operates under a home rule charter which provides for the governing authority of any road, subroad, waterworks, subwaterworks, sewerage, gravity drainage, subdrainage, fire protection, hospital service, or other special district lying wholly within the parish, such charter provisions and any other charter provisions relating to the organization and structure of parish governance shall supersede the provisions of R.S. 39:471 or any other statutory provision.
Acts 1999, No. 1079, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:472. Interest on default in paying certificates of indebtedness

RS 39:472 - Interest on default in paying certificates of indebtedness
Any certificate of indebtedness issued by any police jury of this state, and any resolution or ordinance authorizing these certificates, shall contain a provision that in case of default in the payment of principal or interest, the principal or interest, as to which there is default, shall bear interest from maturity until paid, at the rate of five per cent per annum.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:473. Facsimile signatures on securities of state or political subdivisions

RS 39:473 - Facsimile signatures on securities of state or political subdivisions
A. Notwithstanding any other law to the contrary, public securities heretofore or hereafter authorized to be issued and delivered at any one time in a principal amount of one hundred thousand dollars or more may be executed with an engraved, imprinted, stamped or otherwise reproduced facsimile of any signature, seal or other means of authentication, certification or endorsement required or permitted to be recorded thereon, if so authorized by the board, body or officer empowered by law to authorize the issuance of such securities in the proceedings providing for their issuance, provided that at least one signature required or permitted to be placed thereon shall be manually subscribed.
B. The words "public securities" as used herein shall mean bonds, notes or other obligations for the payment of money issued by this state, by its political subdivisions, or by any department, agency or other instrumentality of this state or of any of its political subdivisions.
C. This Section shall not repeal any other law authorizing the execution of public securities with facsimile signatures or seals, but shall constitute additional authority therefor and shall not be limited or qualified by any such other law.
Acts 1954, No. 684, §§1 to 3. Amended by Acts 1977, No. 386, §1, eff. July 10, 1977.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:502. Purposes, rules of construction

RS 39:502 - Purposes, rules of construction
A. The purposes of this Part are to clarify, modernize, and make uniform the laws relating to the powers of parishes, municipalities, school boards, school districts, and other political subdivisions of the state to incur debt and to issue bonds and other evidences of indebtedness.
B. This Part shall be liberally construed so as to give effect to its intended purposes.
C. Except as provided in Subsection D of this Section, any parish, municipality, school board, school district, or other political subdivision of the state, acting through its governing authority, is authorized to employ the provisions of this Part, including the laws referenced in this Part relating to the issuance of bonds, as a complete and additional method for the issuance of bonds.
D. This Part shall not apply to nor be utilized by the city of New Orleans or its agencies, boards, authorities, and commissions, including the Sewerage and Water Board of New Orleans, except as specifically provided herein.
E. Bonds issued under any provision of Subpart B of this Part shall be entitled to the rights and benefits conferred generally by Subpart A of this Part.
F. The issuer, owner, or holder of any bond issued by any governmental entity prior to July 1, 2018, shall be subject to the provisions of prior law under which the bond was originally issued.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:504. Statutory lien

RS 39:504 - Statutory lien
A. It is the intention of the legislature that bonds issued by a governmental entity under this Part, or under any other statutory authority referenced herein, shall be secured debt entitled to the highest possible protection and priority afforded by the bankruptcy laws of the United States and this state. Therefore, the owner or owners of any such bonds are hereby granted and shall have a statutory lien on and a security interest in such taxes, income, revenues, net revenues, monies, payments, receipts, agreements, contract rights, funds, or accounts as are pledged to the payment of such bonds, to the fullest extent and in the manner stated in this Part and in the proceedings authorizing such bonds, and any pledge or grant of a lien or security interest in such taxes, income, revenues, net revenues, monies, payments, receipts, agreements, contract rights, funds, or accounts made by a governmental entity in connection with the issuance of bonds shall be valid, binding, and perfected from the time when the pledge or grant of lien or security interest is made. Such taxes, income, revenues, net revenues, monies, payments, receipts, agreements, contract rights, funds, or accounts shall immediately be subject to the lien of such pledge and security interest without any physical delivery therefor or further act and the lien of such pledge and security interest shall be first priority and valid and binding as against all parties having claims of any kind in tort, contract, bankruptcy, or otherwise against the governmental entity, whether or not such parties have notice thereof. The owner or owners of bonds shall be secured creditors with respect to such taxes, income, revenues, net revenues, monies, payments, receipts, agreements, contract rights, funds, or accounts, as the case may be.
B. Any bond issued under this Part or any other statutory authority referenced herein may contain a recital that refers to the statutory lien created by this Section and describes the taxes, income, revenues, net revenues, monies, payments, receipts, agreements, contract rights, funds, or accounts to which such statutory lien applies; however, the failure to include the aforesaid recital shall not affect the validity or efficacy of the statutory lien granted by this Section and by the proceeds authorizing such bonds.
C. No notice, filing, or other proceedings under Chapter 9 of the Louisiana Commercial Laws, R.S. 10:9-101 et seq., or any other provision of law for the perfection or priority of such pledge and security interest shall be necessary to perfect the statutory lien granted by this Section and by the proceedings authorizing such bonds.
D. The statutory lien shall also apply to and secure any administrative fees owed to the Clean Water State Revolving Fund or the Drinking Water Revolving Loan Fund, in connection with bonds that evidence an obligation to repay a loan from one of said revolving funds.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:505. Authorization, sale, execution, and registration of bonds

RS 39:505 - Authorization, sale, execution, and registration of bonds
A. Each governing authority shall have authority to adopt all proceedings necessary for the authorization, sale, and delivery of bonds, including the right to enter into all contractual arrangements as may be necessary to effectuate the purpose for which the bonds are being issued upon terms determined by the governing authority. Bonds issued under this Part may be issued by either resolution or ordinance, unless the use of a resolution or the use of an ordinance is specifically required by law or home rule charter.
B. Bonds issued under this Part may be sold at a public or private sale upon such terms, in the manner and by following such procedures as may be determined by the governing authority of the governmental entity. No bond issued under this Part shall be required to be registered with the secretary of state or any other office or official.
C. Bonds issued under this Part may be secured additionally by credit enhancement, or be entitled to the benefits of a financial products agreement, the cost of which, upon a finding of benefit therefrom by the governing authority, may be paid from the proceeds of the bonds or other lawfully available funds. Bonds may also be secured by a trust agreement or trust indenture by and between the governmental entity and one or more corporate trustees.
D. In addition to the foregoing, the proceedings authorizing the issuance of bonds may provide that such bonds will be of such series, bear such date or dates, mature at such time or times, bear interest at such rate or rates payable at such times, be in such denominations, be in such form, carry such registration and exchangeability privileges, be payable in such medium and at such place or places within or without the state, be subject to such terms of prepayment or redemption, be entitled to such priorities on the pledged taxes, revenues, or other source of security, as such proceedings may provide. Bonds shall be executed in the name of the governmental entity by the manual or facsimile signatures of such official or officials of the governmental entity designated by the governing authority in said proceedings. At least one signature on each bond shall be a manual signature, which manual signature may be an authenticating signature by a designated bank or other financial institution or person, and facsimile signatures may be used in the manner provided by law. The seal, or a facsimile thereof, of the governmental entity may, but is not required to be affixed, imprinted, engraved, or otherwise reproduced upon each bond. The delivery of any bonds so executed at any time thereafter shall be valid, although before the date of delivery, any person or persons signing the bonds shall cease to hold office.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:507. Validity of bonds; recital of regularity

RS 39:507 - Validity of bonds; recital of regularity
A. Before bonds are issued under this Part, the governing authority shall investigate and determine the regularity of the proceedings. The proceedings authorizing the bonds may direct that the bonds contain the following recital:
"It is certified that this indebtedness is authorized by and is issued in conformity with the requirements of the constitution and statutes of Louisiana."
B. Such recital shall be deemed to be an authorized declaration of the governing authority and to import that there is constitutional and statutory authority for issuing the bonds and imposing the pledged tax or providing for the collection of the pledged revenues; that all the proceedings therefor are regular; that all acts, conditions, and things required to exist, happen and be performed precedent to and in the issuance of the bonds and imposition of any pledged tax or providing for the collection of the pledged revenues have existed, have happened and have been performed in due time, form, and manner as required by law; that the amount of the bonds, together with all other indebtedness of the governmental entity does not exceed any limit or limits prescribed by the constitution or statutes of Louisiana; and that the required notices have been duly and regularly given in the manner required by law. If any bonds are issued containing the above recital, the same shall be construed according to the import herein declared, and it shall be conclusively presumed that the recital is true, and neither the governing authority nor any taxpayer shall be permitted to question the validity or regularity of the bonds, obligations, or tax in any court or in any action or proceeding.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:508. Applicability of general bond laws

RS 39:508 - Applicability of general bond laws
Bonds issued under this Part shall be further subject to R.S. 39:244, Chapters 13, 13-A, and 14 of Subtitle III all of this Title, provided that in the event of any conflict between this Part and the provisions of said R.S. 39:244, Chapters 13, 13-A, or 14, then the provisions of this Part shall apply to any bonds issued under this Part.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:509. Peremption

RS 39:509 - Peremption
Every ordinance or resolution authorizing the issuance of bonds under this Part shall be published at least once in the official journal of the governmental entity issuing the bonds, or in a newspaper having general circulation therein. Exhibits to any such ordinance or resolution need not be published if the exhibits are enumerated in the publication and it is stated in the publication that such exhibits are available for public inspection at the office of the governing authority during regular business hours. For thirty days after the date of publication, any person in interest may contest the legality of the ordinance or 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 ordinance or resolution, and provisions thereof for any cause whatsoever. Thereafter, it shall be conclusively presumed that every legal requirement for the issuance of the bonds, including all things pertaining to the election, if any, at which the bonds were authorized, has been complied with. No court shall have authority to inquire into any of these matters after the thirty days.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:510. Notice of default

RS 39:510 - Notice of default
Any governmental entity that has issued bonds under this Part shall notify the State Bond Commission in writing when:
(1) Any required deposit to any debt service sinking fund in connection with such bonds has not been made within five business days of when due.
(2) The principal, interest, premium, or any other payment due on such bonds has not been made within five business days of when due.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:511. Exemption from taxation; legal investments

RS 39:511 - Exemption from taxation; legal investments
A. All bonds issued under this Part and the interest or other income thereon or with respect thereto shall be exempt from all income tax and other taxation in Louisiana.
B. All bonds issued under this Part shall be legal and authorized investments for banks, savings banks, insurance companies, homestead and building loan associations, trustees, and other fiduciaries and may be used for deposit with any officer, board, or political subdivision, in any case where, by present or future laws, deposit or security is required.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:512. Bonds negotiable and incontestable

RS 39:512 - Bonds negotiable and incontestable
Bonds issued under this Part shall have all the qualities of negotiable paper and shall not be invalid for any irregularity or defect in the proceedings for their issuance and sale, and shall be incontestable in the hands of bona fide purchasers or owners for value.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:513. Application of proceeds

RS 39:513 - Application of proceeds
A. The proceeds of bonds issued under this Part shall be used exclusively for the purpose or purposes for which the bonds are authorized to be issued, including but not limited to the payment of costs of issuance, the cost of funding any required debt service reserves, the cost of credit enhancement or the cost of a financial products agreement. The purchaser of the bonds shall not be obliged to see to the application thereof. In the event that the governing authority of the governmental entity that issued bonds determines that all or part of the proceeds of the sale of such bonds are no longer needed or required for the purpose for which the bonds were originally issued, the governing authority may rededicate such unexpended proceeds for a different purpose, provided that such different purpose is one for which the bonds could have been originally issued, or it may utilize the unexpended proceeds to prepay or redeem such bonds.
B. Any premium received by a governmental entity in connection with the sale of bonds shall be expended for:
(1) Any purpose for which the bonds are being issued and deposited in the same account into which the bond proceeds are deposited for such purpose.
(2) The payment of the principal or the interest on the bonds and shall be deposited in a sinking fund or debt service fund established for such purpose.
C. Any accrued interest received by a governmental entity in connection with the sale of bonds shall be applied to the payment of principal or interest on such bonds, and deposited in a sinking fund or debt service fund established for such purpose.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:514. Bond validation

RS 39:514 - Bond validation
Bonds issued under this Part may be validated in accordance with Part XVI of Chapter 32 of Title 13 of the Louisiana Revised Statutes of 1950, or any successor laws relating to suits to determine validity of governmental bonds.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:515. Lost, destroyed, or cancelled bonds

RS 39:515 - Lost, destroyed, or cancelled bonds
A. Whenever any bond is lost, destroyed, or improperly cancelled, the issuing governmental entity may, by resolution of its governing body, authorize the issuance of new bonds to replace them, upon proof of such loss, destruction, or cancellation satisfactory to the governmental entity and upon the giving to the governmental entity an indemnity bond in such amount as the governmental entity thereof may require. The new bond shall in all respects be identical with those lost, destroyed, or cancelled except that it shall bear on its face the following additional clause:
"This bond is issued to replace a lost, cancelled, or destroyed bond under the authority of R.S. 39:515."
B. Such new bond shall be signed by the same officers who signed the original bond, provided, however, that in the event the officers who signed the original bonds are no longer in office, then the new bond shall be signed by the officers then in office.
C. If the original bond was registered in the office of the secretary of state, and bore a certificate evidencing such registration signed by the secretary of state, then the new bond shall not be required to be registered in the office of the secretary of state.
D. The obligation of the governmental entity upon the new bond shall be identical with its obligation upon the original bond, and the rights of the owner, including any statutory lien granted by this Part or the proceedings authorizing the original bond, shall be the same as those conferred by the original bond.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:516. Employment of counsel; fees

RS 39:516 - Employment of counsel; fees
The employment of counsel by a governmental entity in conjunction with the issuance of bonds under this Part, and the fees and compensation of such counsel shall be subject to approval by the attorney general and shall not exceed the attorney general fee schedule or other statutory limitations for fees and compensation.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:517. No other statutes applicable

RS 39:517 - No other statutes applicable
This Part shall be a complete and additional method for the issuance and sale of bonds by any governmental entity, and this Part shall constitute full authority for the issuance and sale of the bonds authorized herein. No ordinance, resolution, filing, registration, approval, publication, election, or right of referendum in respect to the issuance of any bonds hereunder or for the perfection of the statutory lien provided herein shall be necessary, except such as may be required by this Part. The recordation of any resolution, ordinance, or other proceeding relating to the issuance of bonds, except for any mortgage securing bonds, shall not be required by this Part. Any publication prescribed hereby may be made in the official journal or in any newspaper of general circulation within the governmental entity.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:522. Limited tax bonds secured by special ad valorem taxes

RS 39:522 - Limited tax bonds secured by special ad valorem taxes
A. Any governmental entity may anticipate the revenues to be realized from special ad valorem taxes that are authorized to be levied pursuant to provisions of the constitution and laws of Louisiana by borrowing money to be used only for the purpose for which such a tax may be levied. Such a borrowing shall be evidenced by limited tax bonds of the governmental entity, such limited tax bonds to be payable solely from and secured by an irrevocable pledge and dedication of the revenues of such tax.
B. The principal and interest due in any year on limited tax bonds issued under this Section shall not exceed seventy-five percent of the revenues estimated to be realized from the levy of the tax so pledged for the calendar year in which such limited tax bonds are issued, regardless of the date on which the revenues are anticipated to be received. A governmental entity shall not anticipate such revenues for a period that exceeds the remaining number of years for which the special ad valorem or limited tax, as the case may be, is authorized to be levied.
C. The principal of limited tax bonds issued under this Section shall be made due and payable annually not later than June first of each future year in which principal falls due.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:523. Sales tax bonds

RS 39:523 - Sales tax bonds
A. A governmental entity that is authorized to levy and collect a sales tax or a municipality or school board that receives an allocation of a sales tax levied by a parish, may fund sales tax revenues into bonds and issue the bonds from time to time for the purpose or purposes for which such tax may be levied, the bonds to be payable from and secured by an irrevocable pledge and dedication of sales tax revenues subject only to the prior payment of the costs and expenses of collection and administration of such tax.
B. Any governmental entity, including the city of New Orleans, previously authorized to issue sales tax bonds under the provisions of Subpart F of Part III of Chapter 4 of Title 39 of the Louisiana Revised Statutes of 1950, is specifically authorized to issue sales tax bonds pursuant to this Section in the alternative, without the necessity of any further authorization or voter approval.
C. The maturities of sales tax bonds shall be so arranged that the total amount of principal and interest falling due in any fiscal year of the governmental entity, together with principal and interest falling due in such fiscal year on all bonds payable from the same sales tax theretofore issued and then outstanding, shall never exceed seventy-five percent of the amount of sales tax revenues estimated by the governing authority to be received by it in the fiscal year in which the bonds are issued. The final maturity of sales tax bonds shall be no later than twenty-five years from the date of issuance or the ninety days following the expiration date of the pledged sales tax, whichever occurs first.
D. Bonds issued under this Section shall constitute a borrowing solely upon the credit of the sales tax revenues received or to be received by the governmental entity and shall not constitute an indebtedness or pledge of the general credit of the governmental entity within the meaning of any constitutional or statutory provision relating to the incurring of indebtedness, and the bonds shall contain a recital to that effect.
E. As specified by Article VI, Section 29 of the Constitution of Louisiana, when any bonds shall have been issued under this Section, neither the legislature, the governing authority, nor any other authority shall discontinue or decrease the sales tax or permit to be discontinued or decreased the sales tax 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 sales tax which would diminish the amount of the sales tax revenues to be received by the governmental entity until all of such bonds shall have been retired as to principal and interest, and there is hereby vested in the owners and holders from time to time of such bonds a contractual right under the provisions of this Part.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:525. Limited revenue bonds secured by a parcel fee or service charge

RS 39:525 - Limited revenue bonds secured by a parcel fee or service charge
A. Any governmental entity that is authorized to levy a parcel fee or service charge may anticipate the revenues to be realized from such parcel fee or service charge voted pursuant to provisions of the constitution and laws of Louisiana by borrowing money to be used only for the purpose for which such parcel fee or service charge was voted; however, a governmental entity may not anticipate such revenues for a period that exceeds the remaining number of years for which the parcel fee or service charge, as the case may be, is authorized to be levied. Such a borrowing shall be evidenced by limited revenue bonds of the governmental entity, which limited revenue bonds shall be payable solely from and secured by an irrevocable pledge and dedication of the revenues of such parcel fee or service charge, as the case may be.
B. The principal and interest due in any fiscal year of the governmental entity on such limited revenue bonds shall not exceed eighty percent of the revenues estimated to be realized from the levy of such parcel fee or service charge, as the case may be, for the fiscal year in which such limited revenue bonds are issued. In applying the aforesaid test, all revenues estimated to be realized from the levy of the parcel fee or service charge for the fiscal year in which the bonds are issued, regardless of the date on which the revenues are anticipated to be received, will be included in the estimated revenues for such fiscal year.
C. The principal of the limited revenue bonds shall be made due and payable annually not later than June first of each future year in which principal falls due; provided that such limited revenue bonds shall mature not later than June first in the year following the last year in which the parcel fee or service charge, as the case may be, securing the borrowing is authorized to be levied.
D. Limited revenue bonds issued under this Section are not revenue bonds within the meaning of Article VI, Section 37 of the Constitution of Louisiana.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:526. Excess revenue bonds and certificates of indebtedness

RS 39:526 - Excess revenue bonds and certificates of indebtedness
A. Any governmental entity may issue excess revenue bonds or certificates of indebtedness under this Section for the purpose of acquiring, constructing, extending, or improving any work of public improvement, or for acquiring movable vehicles or equipment, or for the payment of judgments, noncapital contractual obligations, or employee benefits.
B. Bonds or certificates of indebtedness issued under this Section shall be payable out of the revenues of subsequent years, after the payment from such revenues of:
(1) All charges required by law or regulation.
(2) All contractual obligations.
(3) All necessary and usual charges provided for by ordinance or resolution, excluding depreciation.
(4) All payments in respect of bonds for which a pledge or dedication of specified taxes or revenues has been provided by law or in proceedings authorizing such bonds, regardless of the date of issue of such bonds.
C. Bonds or certificates of indebtedness issued under this Section shall have a maximum term not to exceed ten years.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:527. Revenue anticipation notes

RS 39:527 - Revenue anticipation notes
Any governmental entity, in order to pay its current expenses for any fiscal year, may issue revenue anticipation notes for the purpose of anticipating the revenues for such fiscal year. Such revenue anticipation notes shall mature not later than three months after the end of the fiscal year of the governmental entity. The amount so borrowed by any governmental entity shall not exceed the estimated income of the governmental entity as shown by the budget adopted prior to such borrowing, and the income collected as shown by the adopted budget shall be dedicated and set aside to the payment of the revenue anticipation notes as they mature.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:528. Bond anticipation notes

RS 39:528 - Bond anticipation notes
A. Any governmental entity may authorize the issuance of bond anticipation notes in one or more series in anticipation of the issuance of bonds which it has duly and lawfully authorized. The proceeds of the sale of such notes, exclusive of accrued interest, shall be used for the purpose of paying capitalized interest on such notes for renewing the principal amount of previously issued bond anticipation notes, and for the purpose for which the anticipated bonds were authorized.
B. Bond anticipation notes shall be payable in principal from the proceeds of the sale of the duly authorized bonds, from the sale of additional bond anticipation notes, from revenue sources from which the anticipated bonds securities are payable when issued, or from other lawfully available funds. Interest on bond anticipation notes may be capitalized and paid from the proceeds of the issue, paid from the revenue source from which the anticipated bonds are payable when issued, or paid from other lawfully available funds.
C. The total amount of bond anticipation notes issued and outstanding at any one time shall not exceed the principal amount of authorized bonds in anticipation of which the bond anticipation notes were issued.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:529. Grant anticipation notes

RS 39:529 - Grant anticipation notes
A. A governmental entity may issue a grant anticipation note or notes in anticipation of and upon the security of specified accounts receivable from the state or the federal government, including without limitation, grants, loans, or a combination of both, for which the governing authority of the governmental entity finds and determines that funds have been appropriated and committed to the governmental entity.
B. Grant or loan funds from the state or federal government for any construction and improvement for which the governmental entity is authorized to expend monies shall be pledged for the payment of the note or notes and the interest thereon. The note or notes and the interest thereon shall be a first lien upon and charge against such grant or loan funds. Any notes issued pursuant to this Section, to the extent not paid from grant or loan funds of the governmental entity pledged for the payment thereof, at the discretion of the governing authority of the governmental entity, may be paid as to principal and interest from any taxes, income, revenue, cash receipts, or other monies of the governmental entity lawfully available therefor and in accordance with the provisions provided therefor in the resolution or ordinance authorizing their issuance.
C. The proceeds of grant anticipation notes may be used and expended by the governmental entity solely for the purpose for which the grant or loan is to be received or for the retirement of the notes, except that income from the investment of such proceeds may be used to pay costs associated with the facility or improvements being financed from such grant or loan.
D. No grant anticipation note shall be issued if the grant or loan to be received is for the construction of a facility or work of public improvement unless the grant or loan agreement is in existence at the time of issuance of the grant anticipation note.
E. Grant anticipation notes issued under this Section shall be payable not later than five years after the date of issue.
F. No grant anticipation note or notes shall be issued by a governmental entity pursuant to this Section in an amount which, when added to the amount of any other such type note or notes outstanding at the time and issued in anticipation of the same grant or loan, shall exceed ninety-five percent of the grant or loan funds committed and appropriated to the governmental entity by the granting or loaning authorities and payable within a thirty-six month period from the date of issuance of such note or notes then being issued.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:530. Assessment certificates

RS 39:530 - Assessment certificates
Governmental entities are authorized to issue bonds to finance works of public improvement secured by local or special assessments imposed pursuant to the provisions of Article VI, Section 36 of the Constitution of Louisiana. The certificates shall be issued in accordance with the procedures set forth in Subpart A or B of Part I of Chapter 7 of Title 33 of the Louisiana Revised Statutes of 1950.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:531. Refunding bonds

RS 39:531 - Refunding bonds
A. In addition to any other authority therefor, any governmental entity is authorized to issue refunding bonds for the purpose of refunding, readjusting, restructuring, refinancing, extending, or unifying the whole or any part of its outstanding bonds in an amount sufficient to provide the funds necessary to effectuate the purpose for which the refunding bonds are being issued and to pay all costs associated therewith. Refunding bonds may be issued as part of a multi-purpose issue.
B. Notwithstanding any general obligation debt limit established by law, general obligation refunding bonds may be issued to refund outstanding general obligation bonds at the same or at a lower effective rate of interest in accordance with Article VI, Section 33(A) of the Constitution of Louisiana without the necessity of further voter approval, provided that the term of the outstanding bonds refunded shall not be extended and the principal and interest payments on the refunding bonds is less in each calendar year than the principal and interest in such calendar year on the outstanding bonds being refunded.
C. Refunding bonds issued to refund any bonds other than general obligation bonds may be secured in the same manner as the bonds being refunded or may be secured in such other manner as may be prescribed by the governing authority of the governmental entity. If refunding bonds issued under this Subsection are proposed to be additionally secured by the full faith and credit of the governmental entity then they must be authorized at an election held by the governmental entity in accordance with the requirements of the constitution and laws of Louisiana pertaining to elections for the issuance of general obligation bonds.
D. The refunded bonds shall not be considered outstanding for the purpose of debt limitation laws restricting the amount of bonds that may be issued by any governmental entity.
Acts 2018, No. 569, §1, eff. July 1, 2018.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:551. Subdivisions; power to incur debt and issue bonds

RS 39:551 - Subdivisions; power to incur debt and issue bonds
Municipal corporations, parishes, school districts, including the Orleans Parish School Board, road, subroad, sewerage, waterworks and subwaterworks, gravity drainage and subdrainage districts except in the city of New Orleans and parish of Orleans, irrigation districts, hospital service districts, fire protection districts, and gas utility districts may incur debt and issue negotiable bonds in the form and manner and subject to the limitations and restrictions contained in Part III of this Chapter and Chapter 6-A of Title 181 of the Louisiana Revised Statutes of 1950.
Amended by Acts 1960, No. 416, §2; Acts 1975, No. 146, §2; Acts 1979, No. 42, §1, eff. June 6, 1979.
1R.S. 18:1281 et seq.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:551.2. Industrial districts; creation authorized and powers defined

RS 39:551.2 - Industrial districts; creation authorized and powers defined
The authority conferred by R.S. 39:551.1 on parishes, wards, and municipalities shall apply with the same provisions to any legally constituted industrial districts hereafter created, which are hereby authorized to be created by the governing authority of any parish of the state. Any such district may comprise an entire ward, a combination of or parts of parishes, wards, or municipalities either, both, or severally; however, no municipality may be included in any industrial district without the consent of the governing body of the municipality, to be evidenced by a resolution duly and properly adopted by such governing body. Industrial districts so created shall be political and legal subdivisions of the state, with full power to sue and be sued in their corporate names, to incur debt and to contract obligations, to have a corporate seal, and to do and perform all acts in their corporate capacity and in their corporate names necessary and proper to carry out the purposes of this Section. Each such industrial district shall be given a name at the time of its creation which shall include the words "industrial district" and shall have as its governing authority the governing authority of the parish creating it, and the parish treasurer shall be the treasurer of the district.
Added by Acts 1975, No. 154, §1.
2023 Louisiana Laws › Revised Statutes › Title 39 - Public Finance › §39:551.4. Caddo Parish Industrial District

RS 39:551.4 - Caddo Parish Industrial District
A. The Caddo Parish Industrial District is hereby created as a political subdivision of the state and its territorial limits and jurisdiction shall extend throughout Ward Two of Caddo Parish as said ward is constituted on the effective date of this Section.
B. The governing authority of the district shall be a board of commissioners consisting of seven members, three of whom shall be appointed by the police jury of the parish of Caddo upon nomination, by the governing authority of the town of Vivian in consultation with the Vivian Industrial Development Organization, two to be appointed by the police jury upon nomination of the governing authority of the village of Oil City, and two to be appointed by the police jury, upon nomination of the police juror representing Ward Two. All members shall be bona fide residents and qualified voters within the limits of the district during their term of office and shall serve at the pleasure of the appointing authority.
C. The powers and duties conferred by the constitution and statutory laws of this state to industrial districts and the power to incur debt and issue bonds to encourage industrial enterprises, including, but not by way of limitation, the provisions of R.S. 39:551.1 through R.S. 39:551.3, shall apply to the Caddo Parish Industrial District, except as otherwise provided by this Section.
Added by Acts 1978, No. 291, §1, eff. July 5, 1978.