§551.1. Parish, ward, or municipality; power to incur debt and issue bonds to encourage industrial enterprises

Any parish, ward, or municipality of this state, in order to encourage the location of or addition to industrial enterprises therein, may incur debt and issue negotiable bonds under the provisions of and in accordance with the existing laws relating to incurring debt and issuing bonds, and may use the funds derived from the sale of such bonds, which shall not be sold for less than par or bear a greater rate of interest than that authorized in Act No. 19 of the First Extraordinary Session of 1975, R.S. 39:1421 to 1426, as the same now exists or may be hereafter amended, payable annually or semiannually, to acquire industrial plant sites and other necessary property or appurtenances for and to acquire or construct industrial plant buildings located within such parish, ward, or municipality, as the case may be, and may sell, lease, or otherwise dispose of a plant site, appurtenances and plant building, or buildings, either, both, or severally, by suitable and appropriate contract, to any enterprise locating or existing within such parish, ward, or municipality. Bonds so issued shall not exceed in the aggregate twenty percent of the assessed valuation of the taxable property of such parish, ward, or municipality, including both (i) homestead exempt property which shall be included on the assessment roll for the purposes of calculating debt limitation and (ii) nonexempt property, to be ascertained by the last assessment for parish, ward, or municipal purposes previous to delivery of the bonds representing such indebtedness, regardless of the date of the election at which said bonds shall have been voted. Such bonds shall not run for a longer period than twenty-five years from date thereof. Any income or revenue accruing to the parish, ward, or municipality from such contract shall be deposited in the sinking fund dedicated to the payment of any debt incurred herein. In addition, before the calling and holding of an election to incur debt and issue bonds for such purpose, any existing similar and directly competing industry situated within such parish, ward, or municipality, as the case may be, must first have filed with the governing authority calling the election a written consent to the incurring of debt and issuing of bonds for the purpose of encouraging the location therein of such industrial enterprise, and, before calling an election to vote on incurring debt and issuing bonds to carry out any plan to encourage the location of or additions to industrial enterprise, the State Bond Commission or its successor in function shall certify its approval of any proposed contract between the parish, ward, or municipality and industrial enterprise to be aided, encouraged, or benefitted. A municipality may incur debt, issue negotiable bonds, and use the funds derived from the sale of the bonds under the provisions of this Section to encourage the location of or addition to industrial enterprises in an adjoining area or area outside the corporate limits of the municipality but within the parish in which the municipality is located.

Added by Acts 1975, No. 154, §1; Acts 2014, No. 549, §1, eff. July 1, 2014.