§291.1. Lafayette Parish Council; oversight responsibility for Lafayette Economic Development Authority; scope
A.(1) In addition to the provisions of Paragraph (2) of this Subsection and other provisions of this Part, the Lafayette Parish Council shall have oversight responsibility for the Lafayette Economic Development Authority as set forth in Subsections C and D of this Section, and may utilize such powers as are necessary to exercise such oversight responsibility.
(2) No rule, regulation, or order shall be adopted by the Lafayette Economic Development Authority which is inconsistent with or contrary to any law, ordinance, or regulation now in force or hereinafter enacted by the United States of America, the state of Louisiana, or Lafayette Parish, and any such rule, regulation, or order shall be null and void, except that no action by the Lafayette Parish Council shall abrogate any contract or agreement duly executed by the authority that was valid and legal when executed.
B. Except as otherwise provided in this Chapter, such oversight responsibility may be exercised by ordinance of the Lafayette Parish Council requiring a public hearing and subject to the veto process of that council.
C. The preparation and adoption of the budget of the Lafayette Economic Development Authority by the authority shall be in compliance with the Louisiana Local Government Budget Act, R.S. 39:1301 et seq. Subsequent to such preparation and adoption, the annual operating budget and capital budget of the authority and any amendments or modifications thereto and the subsequent audit report shall be subject to approval by the Lafayette Parish Council.
D.(1) Except for adjustments in existing ad valorem taxes necessary to provide sufficient revenues to pay indebtedness due or to become due on any outstanding bonds or existing obligations, any proposed adjustment in the existing ad valorem tax, any proposal to levy an additional tax pursuant to Subsection C of this Section or to levy any other tax of the Lafayette Economic Development Authority or any proposal to incur additional indebtedness, including without limitation, by the issuance of bonds or certificates of indebtedness, shall be subject to approval of the Lafayette Parish Council by resolution.
(2) The types or categories of indebtedness which require approval of the Lafayette Parish Council shall not include the issuance of industrial revenue bonds which are issued on behalf of other persons or entities and which do not involve the commitment of the general credit or taxing power of the authority or parish or payment by the authority or parish.
Added by Acts 1988, No. 867, §1, eff. July 18, 1988.
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