§551.3. Industrial parks; power of parish or industrial district to incur debt and issue bonds; debt limitations

A. After having been authorized to do so at a special election held in accordance with the provisions of Part II of Chapter 4 of Title 39 of the Louisiana Revised Statutes of 1950, the governing authority of any parish or of any industrial district may incur debt and issue bonds for the purpose of acquiring, except by expropriation, and/or improving lands for industrial parks, within or without the corporate limits of the political subdivision which issues said bonds, in the manner provided by Subpart A of Part III of Chapter 4 of Title 39 of the Louisiana Revised Statutes of 1950. Such works are hereby declared to be works of public improvement within the meaning of Article VI, Sections 21 and 23 of the Louisiana Constitution of 1974, and the title to all such works shall be in the public. This Section provides a public purpose for which the governing authority of any parish or of any industrial district may incur debt and issue bonds, in addition to the other public purposes for which the said political subdivisions are authorized to incur debt and issue bonds. Bonds issued hereunder shall not exceed in the aggregate twenty percent of the assessed valuation of the taxable property of the political subdivision which issues bonds hereunder, including both (i) homestead exempt property which shall be included on the assessment roll for purposes of calculating debt limitation, and (ii) nonexempt property to be ascertained by the last assessment for parish purposes previous to the delivery of bonds representing such debt, regardless of the date of the election at which said bonds shall have been voted.

B. In East Baton Rouge Parish, an industrial district within the meaning and authority of Subsection A of this Section shall be created by the parish governing authority when petitioned to do so by the governing authority of a municipality within such parish, where it appears in the petition that more than ninety-five percent of the assessed valuation of the taxable properties within the limits of the proposed industrial district lie within the corporate limits of the petitioning municipality. The governing authority of an industrial district created under the authority of this Part shall consist of the governing authority of the municipality, and the officers of the municipality shall be the officers of the district. A petition hereunder shall set forth the fact that the governing authority of the petitioning municipality has determined to proceed with the petition after having given notice by publication of the intention to proceed with the creation of an industrial district under the authority of this Section and a public hearing has been conducted thereon.

C. The incurring of debt and issuance of bonds for the purpose set out in Part A hereof shall constitute one public purpose within the meaning of Article VI, Sections 21 and 23 of the Louisiana Constitution of 1974.

Added by Acts 1976, No. 647, §§1 to 3. Amended by Acts 1981, No. 558, §1; Acts 2011, 1st Ex. Sess., No. 6, §1.