§4574.2. Budget; borrowing money; audit

A. The commission shall annually submit to the governing authority or authorities of the parish or parishes a budget for its operations during the ensuing year, and the said governing authority or authorities shall have the right to approve or disapprove such budget. Upon approval of the budget the commission shall proceed to act thereunder.

B. The commission may borrow money to pay its obligations that cannot be paid at maturity out of current revenue from the tax authorized herein but shall not borrow a sum greater than can be repaid out of the revenue anticipated from the tax authorized herein during the year in which the money is borrowed.

C. The books of the commission shall be audited by an independent certified public accountant annually, and said accountant shall make a written report of his audit to the governing authority or authorities of the parish or parishes and the commission. Such report shall be furnished not less than thirty days prior to the submission by the commission of its proposed budget as required in Subsection A hereof.

D. Any parish commission in the parish of West Baton Rouge may borrow money to construct a tourist information center on commission property provided that the funds are borrowed from a licensed financial institution; the loan is secured by a first mortgage upon the immovable property of the commission; the sum borrowed is less than the market value of the immovable property pledged as security for the loan; and the payments under such loan can be repaid out of the revenue anticipated from the tax authorized herein during the period in which the loan is to be repaid.

E. Notwithstanding the provisions of Subsection B of this Section, or of any other law to the contrary, but otherwise in accordance with the provisions of Subsection B, the Tangipahoa Parish Tourist Commission may borrow money to construct a tourist information center on property leased by the commission from the parish provided that the funds are borrowed from a licensed financial institution, the loan is secured by a first mortgage upon the immovable property of the commission, the sum borrowed is less than the market value of the immovable property pledged as security for the loan, and the payments under such loan can be repaid out of the revenue anticipated from the tax authorized herein during the period in which the loan is to be repaid.

F. Each commission in the parishes of East Feliciana, West Feliciana, Pointe Coupee, West Baton Rouge, and Iberville are hereby authorized to borrow money to construct tourist information centers on property leased by the commission from the parishes provided that the funds are borrowed from a licensed financial institution, the loan is secured by a first mortgage upon the immovable property of the commissions, the sum borrowed is less than the market value of the immovable property pledged as security for the loan, and the payments under such loan can be repaid out of the revenue anticipated from taxes authorized herein during the period in which the loan is to be repaid. This Subsection shall be construed as supplemental and additional to the provisions of Subsection B.

G.(1) The Acadia Parish Convention and Visitors Commission may purchase land for the construction of a convention center and may borrow money for the purchase of such land and for the construction of the convention center. The commission shall comply with all of the following when borrowing money for these purposes:

(a) The commission may borrow only from a licensed financial institution.

(b) The loan shall be secured by a first mortgage upon the immovable property of the commission.

(c) The sum borrowed shall be less than the market value of the immovable property pledged as security for the loan.

(d) The commission anticipates that it will be able to make payments under such loan out of the revenue from taxes authorized by R.S. 33:4574.1.1 during the period in which the loan is to be repaid.

(2) This Subsection shall be construed as supplemental and additional to the provisions of Subsection B of this Section.

H. The provisions of this Section shall not apply to commissions in existence prior to the effective date of Act No. 19 of the 1975 Regular Session of the Legislature.1

Added by Acts 1975, No. 19, §1. Amended by Acts 1982, No. 199, §1, eff. July 15, 1982; Acts 1988, No. 1005, §1, eff. Aug. 1, 1988; Acts 1995, No. 47, §1, eff. June 8, 1995; Acts 2009, No. 66, §1; Acts 2011, 1st Ex. Sess., No. 20, §1, eff. June 12, 2011; Acts 2012, No. 313, §1.

1Enacted R.S. 33:4574-4574.3, eff. Sept. 12, 1975.