A.  No provision of this Subpart shall be construed to exempt the authority from compliance with the provisions of Louisiana laws pertaining to open meetings, public records, fiscal agents, official journals, dual officeholding and employment, public bidding for the purchase of supplies and materials and construction of public works, the Code of Governmental Ethics, the Right to Property in La. Const. Art. I, § 4 , and the Louisiana Election Code.

B.  The authority shall have the power and right to award contracts to, and to establish set-aside goals and preference procedures for the benefit of, businesses owned and operated by socially or economically disadvantaged persons in accordance with any of the provisions of La. Rev. Stat. 38:2233 and of Chapter 19 of Title 39 of the Louisiana Revised Statutes of 1950, known as the “Louisiana Minority and Women’s Business Enterprise Act”.

C.(1)  The board shall annually prepare a financial statement which shall be presented to the legislative auditor pursuant to the provisions of La. Rev. Stat. 24:513.

(2)  Within thirty days following submission of the financial statement to the legislative auditor, the board or a designated board officer shall present to the Iberia Parish Council at a public meeting a copy of such statement for public review.

D.  The board shall submit to the Iberia Parish Council an annual proposed budget for the operation of the authority for the upcoming fiscal year.  The budget shall be deemed accepted unless rejected by a two-thirds vote of the parish council.  After the budget has been accepted by the parish council, the authority may incur liabilities and make expenditures during the fiscal year in accordance with such budget.

E.  All expenses associated with this Section shall be borne by the authority.

Acts 2008, No. 918, §1.