Terms Used In Louisiana Revised Statutes 39:99.37

  • Agency: means any state office, department, board, commission, institution, division, officer or other person, or functional group, heretofore existing or hereafter created, that is authorized to exercise, or that does exercise, any functions of the government of the state in the executive branch, but not any governing body or officer of any local government or subdivision of the state, or any parochial officer who exercises functions coterminous with the municipality in which he performs those functions. See Louisiana Revised Statutes 39:2
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Closing date: means the date of delivery of the first issue of bonds. See Louisiana Revised Statutes 39:99.27
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the Coastal Protection and Restoration Financing Corporation created pursuant to this Subpart. See Louisiana Revised Statutes 39:99.27
  • Indenture trustee: means the trust company or bank at the time serving as trustee under the trust indenture referred to in La. See Louisiana Revised Statutes 39:99.27
  • Offshore Royalty Revenue: means all monies constituting the state of Louisiana's allocable share pursuant to the Gulf of Mexico Energy Security Act of 2006. See Louisiana Revised Statutes 39:99.27
  • Offshore Royalty Revenue assets: means all right, title and interest in and to the portion of the state allocation that may be sold to the corporation from time to time. See Louisiana Revised Statutes 39:99.27
  • Offshore Royalty Revenue payments: means the monies paid or payable to the corporation pursuant to the agreement as in effect from time to time. See Louisiana Revised Statutes 39:99.27
  • Trustee: A person or institution holding and administering property in trust.

On and after the effective date of each sale of Offshore Royalty Revenue assets, the state of Louisiana shall have no right, title or interest in or to the Offshore Royalty Revenue assets sold and conveyed; and the Offshore Royalty Revenue payments shall be property of the corporation and not of the state, and shall be owned, received, held and disbursed by the corporation or the indenture trustee and not the state or the state treasury.  On or before the closing date and the effective date of any subsequent sale, the state, through, the attorney general shall notify the Department of the Interior or any successor agency that the Offshore Royalty Revenue assets have been sold and conveyed to the corporation, irrevocably instruct such Department of the Interior or any successor agency that, subsequent to the closing date or other effective date, the Offshore Royalty Revenue payments are to be paid directly to the corporation or to the indenture trustee or other designee for the account of the corporation, and take such other actions necessary and appropriate to effectuate such notice and instruction.

Acts 2007, No. 249, §1, eff. July 6, 2007.