Louisiana § RS 33:4537 - Financial matters and cooperation by the railroad commission

§ RS 33:4537. Financial matters and cooperation by the railroad commission

            A. The railroad commission is authorized to pledge the income, revenue, and receipts derived or to be derived from the properties and facilities owned, leased, maintained, or operated by the railroad commission or received by the railroad commission from these properties and facilities, or from contracts or agreements relating to these properties and facilities, to the payment of the revenue bonds and indebtedness issued by the Board of Commissioners of the Port of New Orleans from time to time. Any such pledge of and grant of security interest in income, revenues, monies, or receipts made by the railroad commission in connection with the issuance of securities by the Board of Commissioners of the Port of New Orleans shall be valid, binding, and perfected and have priority from the time when the pledge is made in the same manner as if the pledge and grant of security interest were made by the railroad commission in connection with the issuance of securities directly by the railroad commission.

            B. The Board of Commissioners of the Port of New Orleans is authorized pursuant to Article VI, Section 20 of the Constitution of Louisiana, to issue revenue bonds or other indebtedness of the port board jointly or in cooperation with the railroad commission, which bonds or indebtedness may be the obligation of the port board or the joint obligation, several obligations, or joint and several obligations of the political subdivisions, as determined by the Board of Commissioners of the Port of New Orleans. Nothing contained in this Section shall be construed as a restriction or a limitation upon any powers which the Board of Commissioners of the Port of New Orleans might otherwise have under the laws of this state. This Section shall be regarded as supplemental and additional to powers conferred by other laws.

            C. Upon the determination by the Board of Commissioners of the Port of New Orleans that the interests of the Port of New Orleans and the railroad commission would best be served if the financial statements of both political subdivisions are prepared and issued on a consolidated basis, with each political subdivision also reported separately within the report as required by law, the port board shall be authorized to undertake and prepare the joint consolidated financial statements and the railroad commission shall cooperate in the preparation thereof. The annual audit report and annual financing statements of both political subdivisions shall be distributed to the legislative auditor and to the other persons provided by law within six months of the close of their common fiscal years.

            D. Upon the determination by the Board of Commissioners of the Port of New Orleans that the interests of the Port of New Orleans and the railroad commission would best be served, the port board and the railroad commission may provide for the joint use of revenue bond proceeds, other indebtedness, other funds, facilities, or properties or any combination thereof, upon such basis of compensation and value therefor as may be mutually agreed by the political subdivisions to best serve the commerce and industry of the Port of New Orleans or as may be required by indentures or other agreements governing indebtedness of any of such political subdivisions.

            Acts 2020, No. 359, §5, see Act.

            NOTE: See Acts 2020, No. 359, §§9 and 10, regarding effectiveness and applicability of cooperative endeavor agreement dated February 1, 2018.