The bill amends and reenacts R.S. 34:2285, which pertains to the Tensas Parish Port, Harbor and Terminal District, specifically focusing on the issuance of bonds. It authorizes the district, through its commission and with the approval of the State Bond Commission, to incur debts and issue negotiable bonds or notes for lawful purposes. The bill removes the previous limitation that the amount of outstanding bonds or notes could not exceed fifteen million dollars. It also introduces provisions allowing the commission to pledge revenues from various sources, including taxes and operational revenues, to secure the payment of these bonds.

Additionally, the bill modifies the terms related to the duration and interest rates of the bonds. It eliminates the previous stipulation that bonds could not run for more than forty years or bear an interest rate greater than five percent per annum. The commission is granted broader authority to secure bond payments through various means, including conventional mortgages on properties. The bill outlines the process for bond authorization, including the necessary resolutions and signatures required, and establishes the effective date of the Act upon the governor's signature or the expiration of the time for bills to become law without signature.

Statutes affected:
SB147 Original:
SB147 Engrossed:
SB147 Reengrossed:
SB147 Enrolled:
SB147 Act :