The bill amends and reenacts specific provisions of Louisiana law regarding the Lake Providence Port Commission, specifically R.S. 34:1503(C) and 1504(C). It expands the powers of the commission by allowing it to establish harbor lines in agreement with the corps of engineers and authorizes the commission to acquire, construct, own, operate, and maintain terminal rail facilities, including those located beyond East Carroll Parish. The bill also clarifies that the commission can charge fees for the use of its facilities and services, and it retains the authority to incur debts and issue negotiable bonds or notes for its lawful purposes, with the revenues from its operations pledged for repayment.

Additionally, the bill removes the previous limitation on the amount of outstanding bonds or notes, which was capped at fifteen million dollars, and eliminates the requirement for the bonds to be a general obligation of the commission backed by the full faith and credit of East Carroll Parish and the state of Louisiana. The commission is also empowered to secure its bonds through conventional mortgages on its properties and to accept financial assistance from various sources, which can be pledged to further secure bond payments. The act will take effect upon the governor's signature or after the designated period for bills to become law without a signature.

Statutes affected:
SB146 Original: 34:1503(C), 34:1504(C)
SB146 Engrossed: 34:1503(C), 34:1504(C)
SB146 Enrolled: 34:1503(C), 34:1504(C)
SB146 Act : 34:1503(C), 34:1504(C)