Senate Bill No. by Senator Jackson-Andrews amends the existing law regarding the issuance of bonds by the Tensas Parish Port, Harbor and Terminal District. The bill clarifies that the district acts through the Tensas Parish Port Commission, which, with the approval of the State Bond Commission, is authorized to incur debts and issue negotiable bonds or notes. Notably, the bill repeals several limitations from the current law, including the cap on the amount of outstanding bonds, the maximum interest rate of 5% per year, and the requirement for bonds to be sold at par and to become due in annual installments starting no later than three years after issuance.

Additionally, the proposed law removes the designation of the bonds as a general obligation of the Tensas Parish Port Commission and the pledge of the full faith and credit of Tensas Parish. The bill allows for greater flexibility in the issuance and management of bonds, enabling the commission to secure payments through various revenue sources and potentially enhancing the district's financial capabilities. The act will take effect upon the governor's signature or after the designated time for gubernatorial action.

Statutes affected:
SB147 Original: