Louisiana Revised Statutes 33:4710.27 – A. In addition to any other powers of the authority and without reference to any other provision of the constitution or laws of Louisiana, the authority may pledge its taxes, revenue
Terms Used In Louisiana Revised Statutes 33:4710.27
- Contract: A legal written agreement that becomes binding when signed.
- Fiduciary: A trustee, executor, or administrator.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
A. In addition to any other powers of the authority and without reference to any other provision of the constitution or laws of Louisiana, the authority may pledge its taxes, revenues, securities, and other monies to secure any lease or sublease entered into by the authority. Such taxes, revenues, securities, and other monies so pledged and then held or thereafter received by the authority or any fiduciary shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, whether or not such parties have notice thereof. The instrument by which such a pledge is created need not be filed or recorded except in the official minutes of the authority.
B. When any lease or sublease is secured by any tax, fee, or charge authorized by this Chapter, neither the legislature nor the authority shall discontinue or decrease the applicable taxes, fees, or charges or permit to be discontinued or decreased the applicable taxes, fees, or charges in anticipation of the collection of which such leases or subleases, or both, have been entered into, or in any way make any change in the allocation and dedication of the proceeds of such taxes, fees, or charges which would diminish the amount of the applicable revenues to be received by the authority until all of such leases or subleases, or both, shall have expired.
Acts 2019, No. 172, §1.