The bill amends existing laws regarding the formation and operation of nonprofit corporations in Plaquemines Parish, Louisiana. It modifies R.S. 12:202.1(A) and (D) to clarify that no state board, commission, or department can incorporate a nonprofit corporation for public or quasi-public functions unless certain financial details are approved by the legislature. The bill also specifies that the prohibition on forming such corporations does not apply to local political subdivisions with populations over 150,000 or specifically to Plaquemines Parish. This allows for the creation of quasi-public nonprofit corporations in Plaquemines Parish, which can issue negotiable revenue bonds up to $15 million, exempt from taxation.

Additionally, the bill enacts R.S. 41:1215(B)(10), which defines a "public benefit corporation" and establishes that any lease or sublease executed by such a corporation in Plaquemines Parish cannot exceed 99 years and must provide for rental payments in cash, either as a lump sum or in installments. This provision aims to facilitate the management and operation of properties by public benefit corporations while ensuring compliance with local regulations.

Statutes affected:
SB141 Original: 12:1(A)
SB141 Engrossed: 12:1(A)
SB141 Enrolled: 12:1(A)
SB141 Act : 12:1(A)