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 bill clarifies that the commission can secure bond payments through conventional mortgages on properties it constructs or acquires.

Furthermore, the commission is authorized to accept financial assistance from various sources, including the federal government and state entities, and can pledge these funds to further secure its bond obligations. The bill will take effect upon the governor's signature or, if not signed, after the designated period for bills to become law without a signature, as outlined in the Louisiana Constitution.

Statutes affected:
SB144 Original: 34:1862(C)
SB144 Engrossed: 34:1862(C)
SB144 Enrolled: 34:1862(C)
SB144 Act : 34:1862(C)