The bill amends R.S. 34:1862(C) concerning the Vidalia Port Commission's authority to issue bonds. It allows the commission, with the approval of the State Bond Commission, to incur debts and issue negotiable bonds or notes, securing their payment through revenues from its operations and other authorized taxes. Notably, the previous limitation on the amount of outstanding bonds or notes, which was capped at fifteen million dollars, has been removed. Additionally, the requirement that these bonds constitute a general obligation of the commission and the full faith and credit of the city of Vidalia has also been deleted.

Furthermore, the bill expands the commission's ability to secure bond payments by allowing the use of conventional mortgages on properties it constructs or acquires. It also permits the commission to accept financial assistance from various sources, including the federal government and state entities, and to pledge these funds for securing bond payments unless specified otherwise. 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:
SB144 Original: 34:1862(C)
SB144 Engrossed: 34:1862(C)
SB144 Enrolled: 34:1862(C)
SB144 Act : 34:1862(C)