§2741.3. East Jefferson Parish Culture and Recreation District

           A. There is hereby created the East Jefferson Parish Culture and Recreation District (the "district"). The district shall include a one hundred twelve-acre tract of land located adjacent to and south of Airline Highway right of way to the east of its intersection with Hickory Avenue. The western boundary of the tract, which is officially designated as lots G-1 and G-2, Elmwood-Lafreniere Plantation, is approximately one thousand six hundred feet east of the intersection of Hickory Avenue and Airline Highway, fronting along Airline Highway for approximately three thousand three hundred forty-five feet and by a depth along its eastern boundary line of approximately one thousand three hundred fifty feet and on its western boundary by an approximate depth of one thousand three hundred fifty feet. Parcel G-1 also includes a strip of land which runs to the east of the main parcel, being adjacent to the railroad facility referred to as the Illinois Central Gulf Railroad Mays Yard which is also located to the south of the entire tract. The district shall be governed by the East Jefferson Parish Culture and Recreation Authority (the "authority").

           B.(1) The authority shall be composed of the members of the Jefferson Parish Council, the Jefferson Parish president, the Jefferson chairman of the Greater New Orleans Hotel/Motel Association, a member of the state legislative delegation representing the East Bank of Jefferson Parish selected by that delegation, and a member of the state legislative delegation representing the West Bank of Jefferson Parish selected by that delegation. The chairman of the Jefferson Parish Council shall serve as president of the authority. The authority shall adopt and promulgate such rules and regulations as it deems necessary and may use the staff of the Jefferson Parish Council to assist in the performance of its duties.

           (2) Any baseball franchise lessee of any facility constructed within the district by the authority shall disclose the names and addresses of all owners of the business, partnership, corporation, or company. In addition, the individual owners of such business, partnership, corporation, or company shall submit an affidavit to the authority stating that there are no silent owners in their interest other than by operation of law.

           (3) No public official, or their immediate family, shall own stock in any baseball franchise which may use the facilities located within the district as their home playing facilities. Any violations of this Subsection shall be deemed to be a violation of R.S. 42:1112 and shall be subject to the penalties contained in the Code of Governmental Ethics.

           C. The avails of any sales and use taxes levied by the Jefferson Parish Council which are collected from the events, activities, and transactions within the East Jefferson Parish Culture and Recreation District shall be allocated to that district and shall be available for expenditure as provided in Subsection D of this Section.

           D. The proceeds of the tax collected within the district and allocated under the provisions of this Section shall be used solely and exclusively to plan, acquire, finance, own, construct, operate, and maintain professional and amateur sporting facilities in the East Jefferson Parish Culture and Recreation District, including but not limited to the construction of a baseball stadium.

           E. The authority may issue bonds solely and exclusively for the purposes set forth in Subsection D of this Section, such bonds to be payable solely from and secured by an irrevocable pledge and dedication of tax revenues subject only to the prior payment of the costs and expenses of administration and collection of such tax. The bonds shall have such form, characteristics, and restrictions as provided in this Section.

           F. The bonds shall be authorized and issued by resolution of the authority, subject to approval by the State Bond Commission, and shall be of such series, bear such date or dates, mature at such time or times, bear interest at such rate or rates payable at such times, be in such denomination, be in such form, either coupon or fully registered without coupons, carry such registration and exchangeability privileges, be payable in such medium and at such place or places within or without the state, be subject to such terms of redemption, be entitled to such priorities on the tax revenues and be sold upon such terms not inconsistent herewith as such resolution may provide. The bonds shall be executed in the name of the district by the manual or facsimile signatures of such official or officials of the district as designated by the authority in the resolution authorizing their issuance. At least one signature on each bond shall be a manual signature. The seal, or a facsimile thereof, of such district shall be affixed, imprinted, engraved, or otherwise reproduced upon each bond. The delivery of any bonds or coupons so executed at any time thereafter shall be valid, although before the date of delivery, any person or persons signing the bonds or coupons shall cease to hold office. The maturities of the bonds shall be so arranged that the total amount of principal and interest falling due in any year, together with principal and interest falling due in such year on all bonds theretofore issued hereunder, and then outstanding, shall never exceed seventy-five percent of the amount of tax revenues estimated by the authority to be received by it in the calendar year in which the bonds are issued.

           G.(1) Bonds issued hereunder shall constitute a borrowing solely upon the credit of the tax revenues received or to be received by the authority of the issuer and shall not constitute an indebtedness or pledge of the general credit of the issuer within the meaning of any constitutional or statutory provision relating to the incurring of indebtedness, and the bonds shall contain a recital to that effect. No member of the authority or officer of the issuer or any person executing the bonds shall be personally liable on such bonds.

           (2) Bonds issued hereunder shall be payable solely from and secured by an irrevocable pledge and dedication of such part of the tax revenues as may be pledged thereto in the authorizing resolution. Any holder of any of such bonds, or coupons attached thereto, may either at law or in equity, by suit, action, mandamus, or other proceedings, enforce and compel performance of all duties required to be performed by the authority as a result of issuing the bonds and may similarly enforce the provisions of the ordinance or other enactment of the authority imposing the tax and the resolution and proceedings authorizing the issuance of such bonds.

           (3) When any bonds shall have been issued hereunder neither the legislature, the authority, nor any other authority shall discontinue or decrease the tax or permit to be discontinued or decreased the tax in anticipation of the collection of which such bonds have been issued, or in any way make any change in the allocation and dedication of the proceeds of such tax which would diminish the amount of the tax revenues to be received by the issuer until all of such bonds shall have been retired as to principal and interest, and there is hereby vested in the holders, from time to time of such bonds and the coupons representing interest thereon, a contractual right.

           H.(1) The authority may in any resolution authorizing such bonds provide for the respective priorities of its separate blocks, series, or issues of bonds issued hereunder, and may provide for the issuance of additional bonds in the future on a parity therewith pursuant to such procedure or restrictions as may be specified in such resolution. In the absence of such provision, if more than one series of bonds shall be issued hereunder payable from the same tax revenues, priority of lien on such revenues shall depend on the time of the delivery of such bonds, each series enjoying a lien prior and superior to that enjoyed by any series of bonds subsequently delivered, except that as to any issue or series of bonds which may be authorized as a unit but delivered from time to time in blocks, the authority may, in the proceedings authorizing the issuance of such bonds provide that all of the bonds, of such series or issue shall be co-equal as to lien regardless of the time of delivery; provided that nothing herein stated shall vest in any holder of bonds any right of lien or priority of any kind against any part of the tax revenues not pledged to the payment of the bonds by the proceedings authorizing the issuance thereof.

           (2) Any resolution may contain such covenants with the future holder or holders of the bonds as to the tax revenues, the disposition of such revenues, the issuance of future bonds, and such other pertinent matters as may be deemed necessary by the authority to assure the marketability of such bonds, provided such covenants are not inconsistent with the provisions of this Section.

           (3) Any resolution authorizing the issuance of bonds hereunder may contain such provisions to assure the enforcement, collection, and proper application of the tax revenues as the authority may think proper, where not inconsistent with the provisions of this Section, and when any bonds payable from the tax revenues shall have been issued, this Section, the ordinance, or other enactment of the authority imposing the tax and pursuant to which the tax is being collected, and the obligation of the authority to continue to levy, collect, and allocate the tax, and to apply the revenues derived therefrom in accordance with the provisions of said ordinance or other enactment, shall be irrevocable until such bonds have been paid in full as to principal and interest, and shall not be subject to amendment in any manner which would impair the rights of the holders from time to time of such bonds or which would in any way jeopardize the prompt payment of principal thereof or interest thereon.

           I.(1)(i) All bonds issued hereunder shall be advertised for sale on sealed bids, in accordance with the law of Louisiana providing a uniform advertising procedure for securities of public entities required to be sold at public sale on sealed bids. The authority may reject any and all bids. If the bonds are not sold pursuant to the advertisement, they may be sold by the authority at private sale within sixty days after the date advertised for the reception of sealed bids, but no private sale shall occur if the negotiated bid is not better than the highest and best bid which shall have been received under the public bid process. If not so sold, the bonds shall be readvertised in the manner herein prescribed.

           (ii) Bonds issued pursuant to this Section may also be issued as provided for in Chapter 13 of Title 39 of the Louisiana Revised Statutes of 1950.

           (2) The proceeds derived from the sale of bonds issued hereunder shall be used exclusively by the issuer for the purpose or purposes authorized to be issued as provided for in Subsection D of this Section, but the purchasers of the bonds shall not be obligated to see to the application of proceeds.

           J.(1) Before bonds are issued hereunder, the authority shall investigate and determine the regularity of the proceedings. The resolution authorizing the bonds may direct that they contain the following recital:

           "It is certified that this bond is authorized by and is issued in conformity with the requirements of the constitution and statutes of this state."

           (2) Such recital shall be deemed to be an authorized declaration of the authority and to import that there is constitutional and statutory authority for issuing the bonds and imposing the tax; that all the proceedings therefor are regular; that all acts, conditions, and things required to exist, happen, and be performed precedent to, and in the issuance of the bonds and imposition of the tax have existed, have happened, and have been performed in due time, form, and manner as required by law; that the amount of the bonds, together with all other indebtedness of the issuer does not exceed any limit or limits prescribed by the constitution or statutes of this state; and that the required notices have been duly and regularly given by publication in the manner required by law. If any bonds are issued containing the above recital, the same shall be construed according to the import herein declared, and it shall be conclusively presumed that the recital is true, and neither the authority nor any taxpayer shall be permitted to question the validity or regularity of the bonds, obligations, or tax in any court or in any action or proceeding.

           K. After the time within which the validity of the bonds may be contested has elapsed as provided for in Subsection O of this Section, the bonds shall be registered with the secretary of state without charge, and shall have endorsed thereon a legend substantially as follows:

           "Incontestable. Secured by a pledge and dedication of a sales and use tax in ___________________. Registered this _______ day of ___________, 20_____.

______________________________________

Secretary of State"

           L. All bonds issued under the provisions of this Section and the interest thereon shall be exempt from all taxation in the state of Louisiana. The bonds may be used for deposit with any officer, board, municipality, or other political subdivision of the state of Louisiana in any case where deposit of security is required.

           M.(1) The provisions of this Section shall be construed as cumulative authority for the exercise of the powers herein granted. The powers conferred by this Section shall not be affected or limited by any other provision of any statute of the state, and no provision, publication, election, or right of referendum shall be required or afforded in the performance of any act herein authorized to be done, including the imposition, collection, and application of the tax and issuance of bonds payable therefrom, except as herein otherwise specifically provided.

           (2) However, in accomplishing the purposes and programs provided for in Subsection D of this Section, the authority is hereby authorized and empowered to utilize all types of securities, devices, procedures, and methods of borrowing or securing provided for tax revenues in Title 39 of the Louisiana Revised Statutes of 1950 when issuing indebtedness and otherwise using the tax revenue provided for in this Section. The bonds issued may be funded, defeased, or otherwise utilized, and the tax revenues may be used in any manner according to any procedure provided for in that Title for authorities, provided that such use accomplishes the programs provided for in Subsection D of this Section.

           N. Bonds issued hereunder shall have all the qualities of negotiable paper and shall constitute negotiable instruments under the negotiable instruments law of the state of Louisiana. They shall not be invalid for any irregularity or defect in the proceedings for the issuance and sale thereof and shall be incontestable in the hands of bona fide purchasers or holders for value.

           O.(1) The resolution authorizing the issuance of the bonds hereunder and pledging and dedicating tax revenues to the payment thereof shall be recorded in the mortgage records of the parish in which the issuer is located and shall be published in one issue of the official journal of the parish or municipality; however, it shall not be necessary to publish any exhibits to such resolution if the same are available for public inspection and such fact is stated in the publication. Within thirty days after the date of publication, any person in interest may contest the legality of the tax levied and of the resolution, any provisions in the resolution made for the security and payment of the bonds to be issued pursuant to it, and the validity of all other provisions and proceedings relating to the authorization and issuance of such bonds and the levy of the taxes. If no action or proceeding is instituted within the thirty days, no person shall have any cause of action to test the regularity, formality, legality, or effectiveness of the levy of the tax and of the resolution, any provisions of the bonds to be issued pursuant to the resolution, the provisions for the security and payment of the bonds, and the validity of all other provisions and proceedings relating to the authorization and issuance of the bonds and the levy of the tax, for any cause whatsoever and it shall be conclusively presumed that every legal requirement for the issuance of the bonds and the levy of the tax has been complied with and that the bonds and tax are legal. Thereafter, no court shall have authority to inquire into any of such matters.

           (2) Any action or proceeding instituted by a person in interest or by the parish shall be in accord with the procedures of Part XVI of Chapter 32 of Title 13 of the Louisiana Revised Statutes of 1950.

           P. No elected public official shall have any financial interest in any transaction involving any activity of the district or the authority, including but not limited to purchase of additional property; contracts or subcontracts for professional services, for other goods, services, materials, or supplies, or for construction; or leases with sports franchises.

           Acts 1991, 3rd Ex. Sess., No. 9, §1, eff. Aug. 6, 1991.

{{NOTE: SEE ACTS 1991, 3RD EX. SESS., NO. 9, §§2 AND 3.}}