Louisiana Revised Statutes 39:99.45 – A. The state covenants and agrees with the corporation, and the holders of the bonds in which the corporation has included such pledge and agreement, that the state will (i) irrevoca
Terms Used In Louisiana Revised Statutes 39:99.45
- 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
- Agreement: means the agreement or agreements, as authorized under this Subpart, between the state of Louisiana, as the seller, and the corporation, as the purchaser, of the revenue assets. See Louisiana Revised Statutes 39:99.27
- Bonds: means bonds and refunding bonds, notes, and other evidences of indebtedness issued by the corporation pursuant to this Subpart. 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
- Expenses: means amounts represented by cash paid out or by obligations to pay cash or partly by each for maintaining and operating government services. See Louisiana Revised Statutes 39:2
- 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 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
- Statute: A law passed by a legislature.
A. The state covenants and agrees with the corporation, and the holders of the bonds in which the corporation has included such pledge and agreement, that the state will (i) irrevocably direct the U.S. Department of the Interior or any successor agency to transfer all conveyed Offshore Royalty Revenue payments directly to the corporation or its assignee, (ii) enforce the corporation’s rights to receive the Offshore Royalty Revenue payments to the full extent permitted by the law, (iii) not amend the state law in any manner that would materially impair the rights of the holders, (iv) not limit or alter the rights of the corporation to fulfill the terms of its agreements with such holders, and (v) not in any way impair the rights and remedies of such holders or the security for such bonds until such bonds, together with the interest thereon and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully paid and discharged.
B. Notwithstanding the provisions of any law or statute applicable to or constituting any limitation upon the sale of bonds or notes, or upon the execution of related documentation and agreements, any parish and other local governing entity that is a coastal political subdivision is hereby authorized to sell to the corporation all or a portion of their twenty percent of the allocable share due the state of Louisiana pursuant to the Gulf of Mexico Energy Security Act of 2006.
Acts 2007, No. 249, §1, eff. July 6, 2007; Redesignated from La. Rev. Stat. 39:99.43 pursuant to Acts 2017, No. 357, §2.