A. Creation. The Walnut Street Special District, a special district and political subdivision of the state, hereinafter referred to as the “district” is hereby created in the city of Monroe.

            B. Boundaries. The district shall be comprised of the area of the city of Monroe in the blocks of 108-128 Walnut Street in the city of Monroe to Art Alley (2nd Street), an area of approximately one city block which shall be further defined by an ordinance of the board of commissioners of the district.

            C. Purpose. The district is created to provide for cooperative economic development between the district, the city of Monroe, and the owner or owners of businesses and other property within the district in order to provide for costs related to infrastructure within the district as determined by the board of commissioners of the district.

            D. Governance. (1) In order to provide for the orderly development of the district and effectuation of the purposes of the district, the district shall be administered and governed by a board of commissioners as follows:

            (a) The mayor of the city of Monroe, or his designee.

            (b) The chair of the Monroe City Council, or his designee.

            (c) The President/CEO of the Monroe-West Monroe Convention and Visitor’s Bureau of Ouachita Parish, or his designee.

            (d) Any person who is an owner of property within the district, or an authorized representative of an entity which is an owner of property within the district, if such person or authorized representative applies to the board for membership on the board, or that person’s or representative’s designee.

            (2) A majority of the members of the board shall constitute a quorum for the transaction of business. The board shall keep minutes of all meetings and shall make them available for inspection through the board’s secretary. The minute books and archives of the district shall be maintained by the board’s secretary. The monies, funds, and accounts of the district shall be in the official custody of the board.

            (3) The board shall adopt bylaws and prescribe rules to govern its meetings. The members of the board shall serve without salary or per diem and shall be entitled to reimbursement for reasonable, actual, and necessary expenses incurred in the performance of their duties.

            (4) The domicile of the board shall be established by the board at a location within the city of Monroe.

            (5) The board shall elect from its own members a president and secretary, whose duties shall be common to the offices or as may be provided by bylaws adopted by the district. The board shall hold regular meetings and may hold special meetings as provided in the bylaws. All meetings shall be public meetings subject to the provisions of La. Rev. Stat. 42:11 et seq.

            E. Rights and powers. In addition to the taxing, tax increment finance, and bonding authority provided for in Subsection F of this Section, the district, acting by and through its board of commissioners, shall have and exercise all powers of a political subdivision and a special district necessary or convenient for the carrying out of its objects and purposes including but not limited to the following:

            (1) To sue and to be sued.

            (2) To adopt bylaws and rules and regulations.

            (3) To receive by gift, grant, or donation any sum of money, property, aid or assistance from the United States, the state of Louisiana, or any political subdivision thereof, or any person, firm, or corporation.

            (4) For the public purposes of the district, to enter into contracts, agreements, or cooperative endeavors with the state and its political subdivisions or political corporations and with any public or private association, corporation, business entity, or individual.

            (5) To appoint officers, agents, and employees, prescribe their duties, and fix their compensation.

            (6) To acquire by gift, grant, purchase, or lease such property as may be necessary or desirable for carrying out the objectives and purposes of the district and to mortgage and sell such property.

            (7) In its own name and on its own behalf, to incur debt and to issue bonds, notes, certificates, and other evidences of indebtedness. For this purpose the district shall be deemed and considered to be an issuer for purposes of La. Rev. Stat. 33:9037 and shall, to the extent not in conflict with this Section, be subject to the provisions of La. Rev. Stat. 33:9037.

            (8) To establish such funds or accounts as are necessary for the conduct of the affairs of the district.

            (9) To do all things reasonably necessary to accomplish the purposes of this Section.

            (10) To designate by ordinance any territory within the district as a subdistrict in which shall be exercised, to the exclusion of the remainder of the district, any authority provided to the district by Subsection F of this Section or any other provision of this Section or other law.

            F. Taxing, tax incremental financing, and bonding authority. (1) To provide for the costs of a project to fund infrastructure within the district, the district shall have such tax increment finance authority, taxing authority, and other authority that is provided to local governmental subdivisions in Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950, including but not limited to the following: ad valorem tax increment financing and bonding in La. Rev. Stat. 33:9038.33; sales tax increment financing and bonding in La. Rev. Stat. 33:9038.34; cooperative endeavor authority in La. Rev. Stat. 33:9038.35; bond authority in La. Rev. Stat. 33:9038.38; and ad valorem, sales tax, and hotel occupancy tax authority in La. Rev. Stat. 33:9038.39. The project to fund infrastructure within the district is hereby deemed to be an “economic development project” within the meaning provided for in that Part. An agreement entered into by the district and any affected tax recipient entity authorizing the use and dedication of the affected tax recipient entity’s incremental increase in taxes may include additional public or private entities as parties to such agreement and may include such terms, conditions, and other provisions to which all parties to such agreement consent.

            (2) Notwithstanding any provision of Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950 or any other law to the contrary, any powers, authorities, or duties granted under such laws may be restricted to a subdistrict the territory of which shall be established by ordinance of the board of commissioners of the district.

            G. Project financing. The district may pledge any taxes collected under the authority of this Section to any economic development project in furtherance of the purposes of the district.

            H. Term. The district shall dissolve and cease to exist one year after the date all bonds, notes, and other evidences of indebtedness of the district, including refunding bonds, are paid in full as to both principal and interest; however, under no event shall the district have an existence of less than three years.

            I. Liberal construction. This Section, being necessary for the welfare of the city of Monroe and its residents, shall be liberally construed to effect the purposes thereof.

            Acts 2015, No. 458, §2, eff. July 1, 2015.