Louisiana § RS 33:4172 - Public power authorities; creation; powers; financing

§ RS 33:4172. Public power authorities; creation; powers; financing

Under the provisions of Article 6, Section 19 of the Constitution of 1974, the governing authority of any municipality may create a public power authority as a political subdivision of the state of Louisiana constituting a legal entity separate and apart from the municipal corporation.  Prior to the creation of any such public power authority, the governing body of the municipality shall give a notice of intention, and hold a public hearing on such proposal.  Such notice shall be published once a week for four successive weeks and the first publication shall be not less than thirty days before the date fixed for hearing.  The notice shall be published in the official journal of the municipality creating the authority.  Said authority shall be created as a body corporate under such corporate name and style as shall be provided by an ordinance which may grant to such authority any rights, powers, and authorities which may be possessed or exercised by the municipality under law.  Specifically, said authority shall have all rights granted to the municipality by R.S. 33:4170 and may incur debt and issue bonds in its name for the purposes and in the manner established for the municipality in R.S. 33:4171.  The governing authority of the municipality shall be the governing authority of the public power authority.  The public power authority may contract with the municipality creating it or any other municipality, public power authority or electric public utility company for the generation, transmission, or sale of electric power for a term not exceeding forty years on such terms and conditions as may be specified in a written contract which may be negotiated and executed without any proceedings, notice or approval except as provided in this Section.  The public power authority and its governing authority shall have power to sue and be sued and shall continue its existence until all bonds, including refunding bonds, issued by such authority have been finally paid and discharged.  Each such public power authority shall have such powers relative to the construction, acquisition, improvement, operation and management of any public power project or improvement as shall be provided in the ordinance creating the same or as said ordinance shall thereafter be amended by the governing authority of the creating municipality.

Added by Acts 1975, No. 425, §1.