§1404. Authority for issuance of bonds; special taxes; pledge of revenues; mortgage; donation

A. When authorized by a majority of the electors of the port area who vote thereon in an election held for that purpose, the commission may levy on all property subject to taxation situated within the port area an ad valorem tax at an annual millage not to exceed two and one-half mills on the dollar. The commission upon its own initiative may call a special election and submit to the qualified electors of the port area the question of authorizing the levy of such a tax. These special taxes shall be levied, assessed, and collected on the property within the port area under the same methods, terms, and conditions and at the same time as parish taxes are levied, assessed, and collected; these taxes shall be secured by the same liens upon the property subject to taxation within the port area as taxes for parish purposes; and the property subject to any taxes within the port area shall be sold for failure to pay the same in the manner as property is sold for delinquent parish and other taxes.

B. The provisions of the constitution and all laws regulating the collection of taxes, the creating of tax liens and mortgages, tax penalties, and tax sales also shall apply to the collection of all taxes authorized by this Section. The sheriff and ex officio tax collector for the parish of Ouachita shall make a monthly settlement with the treasurer of the commission and receive from him a receipt for the amount of the taxes paid over, shall receive from the treasurer a quietus for a full settlement of taxes due and exigible in any given year and account for the delinquents or deductions, and shall retain from all taxes collected by him for the port area the same commission allowed thereon to him by law on special taxes and deposit the amount thereof to the credit of the sheriff's salary fund. Upon the failure of the tax collector to comply with the provisions of this Section, the commission shall proceed against him and the sureties on his official bond for the collection of whatever money may be owing to the commission for such special taxes.

C. When authorized by a majority of the electors of the port area who vote thereon in an election held for that purpose and with the approval of the State Bond Commission, the commission may incur debts for its lawful purposes, may issue in its name negotiable bonds or notes therefor, and may pledge for the payment of the principal and interest of such negotiable bonds or notes the revenues derived from the operation of properties and facilities maintained and operated by it, or received by the commission from any taxes authorized under this Section or from other sources; however, the amount of such bonds or notes outstanding at any one time shall not exceed fifteen million dollars. Such bonds, 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 Ouachita is hereby pledged. In addition to the pledge of revenues to secure the bonds and notes, the commission may further secure their payment by conventional mortgage upon any or all of the properties constructed or acquired or to be constructed and acquired by it. The commission may 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 thereof and, unless otherwise provided by the terms of such gift, grant, or donation, it may 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.

Acts 1998, 1st Ex. Sess., No. 45, §1.