The bill amends R.S. 34:2285 concerning the Tensas Parish Port, Harbor and Terminal District, specifically addressing 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. Additionally, it allows the commission to pledge revenues from various sources, including taxes and operational revenues, to secure the payment of these bonds.

Furthermore, the bill modifies the terms related to the bonds, including the duration of the bonds, which can now run for up to forty years from the date of issuance. It also eliminates the previous interest rate cap of five percent per annum and the requirement for bonds to be sold at par. The commission is granted the authority to secure bond payments through conventional mortgages on properties it acquires or constructs. The bill will take effect upon the governor's signature or after the designated period for bills to become law without a signature.

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