Louisiana Administrative Code › Title 71 - TREASURY-PUBLIC FUNDS › Part III - Bond Commission-Debt Management › Chapter 1 - The Commission › Section III-101 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following
				constitutes a full and complete description of the organization and the general
				course and method of operation of the commission, the organizational chart of
				which is attached hereto as §107, Exhibit A, and is made a part
				hereof.
B. By law, the commission
				shall have a chairman and a secretary and such other officers as the commission
				may elect. Present law provides that the chairman of the commission shall be
				the state treasurer, who is authorized to appoint the secretary. The duties of
				the chairman are defined by law and are generally those performed by the
				principal officer of a board or commission. The secretary is responsible for
				certifying all official proceedings and acts of the commission and is custodian
				of its official records and documents, performing such additional duties as are
				normally undertaken by the secretary of a commission or board. Also, the
				secretary shall assume certain duties of the chairman in his absence, or at his
				direction, and shall perform such other tasks as may be assigned by the
				chairman or commission.
C. The
				commission is a constitutionally created body and, under constitutional and
				statutory authority, the state agencies and political subdivisions may not
				incur debt or levy taxes or hold elections therefor without the approval or the
				authorization of the commission.
D.
				The commission receives applications from parishes, municipalities, special
				taxing districts, and other political subdivisions of the state, requesting
				authority to incur debt or levy taxes. These applications are reviewed for
				compliance with constitutional and statutory requirements and feasibility,
				including the ability to repay any indebtedness incurred. If the applications
				are in order, they are placed on an agenda for consideration by the commission
				at a regular or special meeting. At the meeting the commission either approves
				or disapproves the application or defers action on the application for further
				discussion. Certified copies of excerpts of minutes showing approval are sent
				to those who have submitted applications which are approved. Those whose
				applications are disapproved are notified.
E. The commission prepares all resolutions,
				official statements, notices, and all other proceedings in the issuance of
				state general obligation debt. In this regard, the commission publishes notices
				for receipt of bids on state debt and receives bids from underwriters seeking
				to purchase bonds of the state. The commission sees that the bonds are printed
				and delivered to the successful purchaser. The commission also issues
				obligations representing any debt which state agencies and authorities may
				incur.
F. Applications may be
				submitted and information may be obtained by writing to Bond Commission, Box
				44154, Baton Rouge, LA 70804, Attention: Secretary, Bond Commission.
				Inquiries may be made by calling (225) 342-0067.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:950 et
				  seq.