A. The Terrebonne Economic Development Authority, hereafter in this Subpart referred to as the “authority”, is hereby constituted and is declared to be a body politic and political subdivision of the state of Louisiana, as defined in La. Const. Art. VI, § 44 . Pursuant to Article VI, Sections 19 and 21 of the Constitution of Louisiana, the authority is hereby granted all of the rights, powers, privileges, and immunities granted to political subdivisions for economic development purposes, including but not limited to the power of taxation, the power to incur debt and issue revenue and general obligation bonds, certificates of indebtedness, bond and certificate anticipation notes, and refunding bonds, subject to the limitations provided in this Subpart.

            B. The authority shall be established for the primary object and purpose of promoting, encouraging, and participating in business development to stimulate the economy through commerce, industry, and research and for the utilization and development of natural, physical, and human resources of the area by providing job opportunities.

            C. The boundaries of the authority shall be coterminous with the boundaries of Terrebonne Parish.

            Acts 1989, No. 2, §1, eff. June 1, 1989; Acts 2004, No. 622, §1, eff. July 1, 2004; Acts 2015, No. 191, §1.