The commission may incur debt, issue general obligation bonds or notes, pledge revenues, and use mortgages and donated funds to secure repayment, but outstanding bonds and notes may not exceed $15 million; no ad valorem tax may be levied in the port area solely on property there.
§1454. Authority for general obligation bonds A. The commission, with the approval of the State Bond Commission, is authorized to incur debt for its lawful purposes and to issue in its name, negotiable general obligation bonds or notes therefor, and to pledge, for the payment of the principal and interest of such negotiable bonds or notes, the revenues derived by the commission from the operation of properties and facilities acquired, constructed, maintained, or operated by the commission, or received by the commission from other sources; provided, however, that the amount of such bonds and notes outstanding at any one time shall not exceed fifteen million dollars. Such bonds or notes, when authorized to be issued, shall constitute, first, a general obligation of the commission, and secondly, the full faith and credit of the parish of St. Landry and the state of Louisiana shall be and are hereby pledged to secure such bonds or notes. In addition to the pledge of revenues to secure the bonds and notes, the commission may further secure their payment by granting one or more conventional mortgages upon any or all of the properties constructed, acquired, maintained, or operated, or to be constructed, acquired, maintained, or operated, by it or upon its interest as lessor under leases granted by the commission to third parties on property acquired, constructed, maintained, or operated by the commission. The commission is further authorized to receive, by gift, grant, donation, or otherwise any sum of money, aid, or assistance from the United States, the state of Louisiana, or any political subdivision of the state, and unless otherwise provided by the terms of such gift, grant, or donation, to pledge all or any part of such monies for the further securing of the payment of the principal and interest of its bonds or notes. B. There shall never be levied for and in the port area any ad valorem tax upon and limited solely to the property in the port area. Added by Acts 1956, No. 228, §1. Amended by Acts 1956, No. 246, §1; Acts 1976, No. 325, §1; Acts 2016, No. 325, §1, eff. June 2, 2016.