Bill > SB144

This bill modifies the bonding authority for the Vidalia Port Commission by removing the previous $15 million cap on outstanding bond debt, effectively allowing the commission to issue bonds without a specific monetary limitation. The bill maintains the commission's existing ability to incur debt for lawful purposes, issue negotiable bonds or notes, and secure these bonds using revenues from port operations, taxes, or other sources. Additionally, the commission can continue to receive financial assistance from federal, state, or local government entities and pledge those funds to secure bond payments. The commission can also use conventional mortgages on its properties as a further method of securing bond payments. The proposed changes provide greater financial flexibility for the Vidalia Port Commission by eliminating the previous debt ceiling while preserving the fundamental mechanisms for bond issuance and security that were already in place under existing law.

Budget and Finance

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB144&sbi=y