Bill > SB147

This bill amends the existing law governing the Tensas Parish Port, Harbor and Terminal District's ability to issue bonds by removing several key restrictions and modifying the district's bonding authority. Specifically, the bill eliminates the previous $15 million cap on outstanding bonds, removes the requirement that bonds bear interest no higher than 5% per annum, and eliminates language specifying that bonds become due in annual installments starting three years after issuance. The bill also removes the provision that bonds constitute a general obligation of the commission and that the full faith and credit of Tensas Parish are pledged to their repayment. Instead, the bill allows the district, acting through its commission and with approval from the State Bond Commission, to issue negotiable bonds for lawful purposes, with the ability to pledge revenues from operations, taxes, or other sources as security. Bonds can now run up to 40 years and will be authorized by commission resolution, with flexible terms regarding denomination, form, registration, and payment. The changes effectively provide the Tensas Parish Port, Harbor and Terminal District with more flexibility in issuing and managing its bond debt.

Budget and Finance

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB147&sbi=y