§991.1. Authorization to issue revenue bonds; South Louisiana Port Commission

In addition to any authority conferred by other laws, the South Louisiana Port Commission created and now operating under the provisions of Chapter 30, Title 34 of the Louisiana Revised Statutes of 1950, shall constitute a municipal corporation or municipality for the purposes of this Part and may issue its revenue bonds as provided in this Part for purposes set forth in this Part and/or for the purpose of constructing, acquiring or improving port facilities, including those capital improvements described in R.S. 34:2473(C). Such revenue bonds shall be issued in the name of the commission and shall not be general obligations secured by a pledge of the full faith and credit of the state, the commission or the parishes contained within its port area, and the issuance thereof shall not constitute the incurring of state debt under the constitution. The revenue bonds shall be limited obligations of the commission. The principal, interest and redemption premiums on the revenue bonds, if any, shall be payable solely from the income and revenue derived from the sale, lease or other disposition of the project or facility so financed including all or part of the dockage or other fees received by the commission as a result of such project or facility, all as more fully set forth in this Part. Also, in the discretion of the commission the bonds may be additionally secured by a mortgage covering all or any part of the project or facility as more fully set forth in this Part. Notwithstanding other provisions of law to the contrary, title to the sites, projects and/or facilities, and appurtenances thereto acquired and purchased through the issuance of the revenue bonds herein authorized shall vest solely in the commission and shall not vest in the state of Louisiana. The commission may sell, lease, sublease or otherwise dispose of by suitable and appropriate contract the sites, projects and/or facilities, and appurtenances thereto, all or severally, financed by said revenue bonds in the manner provided by this Part. The revenue bonds shall be sold on behalf of the commission by the State Bond Commission in accordance with law and the provisions of this Part. In all other respects the South Louisiana Port Commission is authorized and empowered to issue its revenue bonds to finance projects or facilities as herein described under the authority contained in this Part without the limitations of other laws and the commission may contract with respect to such projects or facilities as herein provided.

Added by Acts 1976, No. 503, §1, emerg. eff. Aug. 1, 1976.