§2189. Cessation of railway; conveyance of project

A. When bonds issued for any parish-related project and the interest thereon have been paid in full, or sufficient funds have been deposited in trust for that purpose, and the parish project is in a condition of maintenance satisfactory to the parish, said project and any property acquired as part of project costs shall be transferred by the compact to and shall thereby be conveyed in full ownership to the respective parish; and the parish shall assume jurisdiction and control of the project, which shall then become part of the parish road system and be subject to maintenance, control, and operation of the parish as an integral part of the parish road system, and the parish, in its discretion, may provide that any toll or fee collected may be continued for the purpose of maintenance. Upon the later of payment in full of all bonds and the interest thereon, the deposit of funds in trust for such purpose, or the final resolution of any disputes or litigation pending against a compact on such transfer and conveyance date, the existence of the compact shall terminate. From the date of such transfer and conveyance of the project, the compact shall continue to exist to dispose of any unresolved litigation not related to the day-to-day management of the project. If no such litigation is pending on the date the project transfers and conveys, the compact shall terminate on the transfer and conveyance date.

B. When bonds issued for any municipal-designated project and the interest thereon has been paid in full, or sufficient funds have been deposited in trust for that purpose and the municipal project is in a condition of maintenance satisfactory to the municipality, said project and any property acquired as part of the project costs shall be transferred by the compact to and shall thereby be conveyed in full ownership to the respective municipality; and the municipality shall assume jurisdiction and control of the project, which shall then become part of the municipal road system and be subject to maintenance, control, and operation of the municipality as an integral part of the municipal road system, and the municipality, in its discretion, may provide that any fee collected may be continued for the purpose of maintenance. Upon the later of either the payment in full of all bonds and the interest thereon, or the deposit of funds in trust for such purpose, or the final resolution of any disputes or litigation pending against a compact on such transfer and conveyance date, the existence of the compact shall terminate. From the date of such transfer and conveyance of the project, the compact shall continue to exist to dispose of any unresolved litigation not related to the day-to-day management of the project. If no such litigation is pending on the date the project transfers and conveys, the compact shall terminate on the transfer and conveyance date.

C. A notice of transfer and reversion of ownership of any such project shall be published twice in the official journal of the state, parish, or municipality, as the case may be, to receive such ownership conveyance with the first publication to be made not more than one hundred eighty nor less than one hundred fifty days from the full bond principal and interest payment or date of deposit in trust therefor and the second not more than ninety nor less than sixty days therefrom.

D. Any parish or municipality may form or join a compact formed under the provisions of this Chapter by another parish or municipality with the approval of the governing authority of such parish and parish president, or the governing authority of the municipality.

Acts 2010, No. 838, §2, eff. July 1, 2010; Acts 2010, No. 858, §1, eff. June 30, 2010.