§9038.54. Lake Forest Plaza District

            A. Creation. The Lake Forest Plaza District, a special district and political subdivision of the state, hereinafter referred to as the "district" is hereby created in the parish of Orleans.

            B. Boundaries. The boundaries of the district shall be the same as the area known as the Lake Forest Plaza Shopping Center.

            C. Purpose. The district is created to provide for cooperative economic development between the district, the city of New Orleans, and the owner or owners of businesses and property within the district in order to provide for renovation, restoration, and development within 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 consisting of the following people:

            (a) The president of the city council of the city of New Orleans.

            (b) The mayor of the city of New Orleans or his designated representative.

            (c) The owner of the Lake Forest Plaza Shopping Center or his designated representative.

            (d) The city council member whose council district encompasses the district.

            (e) The senator and representative whose senatorial and house districts encompass the district.

            (f) The secretary of Louisiana Economic Development.

            (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 district.

            (5) The board shall elect from its own members a president, secretary, and treasurer, whose duties shall be common to such offices or as may be provided by bylaws adopted by the district. At the option of the board or as provided in the bylaws, the offices of secretary and treasurer may be held by one person. The board shall hold regular meetings and may hold special meetings as provided in the bylaws. All such meetings shall be public meetings subject to the provisions of R.S. 42:11 et seq.

            E. Rights and powers. The district, acting by and through its board of commissioners, shall have and exercise all powers of a political subdivision and special taxing 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, donation, or otherwise 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) Appoint officers, agents, and employees, prescribe their duties, and fix their compensation.

            (6) To acquire by gift, grant, purchase, lease, or otherwise 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 R.S. 33:9037 and shall, to the extent not in conflict with this Section, be subject to the provisions of R.S. 33:9037.

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

            F.(1) Tax increment financing. In addition to the authority provided to the district, the district shall have all the authority provided to an economic development district by Part II of this Chapter and may issue revenue bonds payable from an irrevocable pledge and dedication of up to the full amount of tax increments available to an economic development district as provided in such Part to be derived from any project or projects provided for in this Section, or parts thereof, in an amount to be determined by the district, in order to finance or refinance any project or projects, or parts thereof, which are consistent with the purposes of the district.

            (2) For purposes of the tax increment financing authority derived from Part II of this Chapter which is conferred upon the district by this Section, and only for purposes of this Section, "local governmental subdivision" as defined in such Part shall include the parish of Orleans and all political subdivisions within the parish.

            (3) A general sales tax increment shall consist of that portion of the general sales tax collected by the district in an amount determined by the board of commissioners and which is in lieu of other such taxes levied by other taxing authorities.

            G. 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, in no event shall the district have an existence of less than three years.

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

            Acts 2003, No. 834, §1, eff. July 1, 2003; Acts 2006, No. 850, §4, eff. July 11, 2006.

NOTE: See Acts 2006, No. 850, §3, relative to intent of Act to conform Part III of Chapter 27 of Title 33 with certain La. Supreme Court decisions.