RS 40:599.2

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RS 40:599.2

§599.2. Definitions

The following terms, whenever used or referred to in this Part, have the following respective meanings, unless a different meaning clearly appears from the context:

(1)"Authority" means a quasi-public nonprofit entity created by one or more local governments under this Part.

(2)"Board" means the board of directors of an authority.

(3)"Bond" means a bond issued by an authority under this Part. "Bond" shall include a bond, a refunding bond, a note, and any other obligation.

(4)"Cost" means:

(a)Purchase price of property.

(b)Cost of any improvements made to property.

(c)Amount to be paid to discharge each obligation necessary or desirable to vest title to any part of the property in an authority or other owner.

(d)Amount to be paid to discharge each obligation necessary or desirable to vest title to any party of property in an authority or other owner.

(e)Cost of any property, right, easement, franchise, or permit associated with a project.

(f)Cost of labor, machinery, and equipment necessary to implement a project.

(g)Financing charges.

(h)Interest and reserves for principal and interest and for improvements.

(i)Cost of revenue and cost estimates, engineering and legal services, plans, specifications, studies, surveys, and other expenses necessary or incident to determining the feasibility or practicability of a project.

(j)Administrative expenses.

(k)Other expenses as necessary or incident to:

(i)Financing a project.

(ii)Acquiring and improving a project.

(iii)Placing a project in operation, including reasonable provisions for working capital.

(iv)Operating and maintaining a project.

(5)"Local government" means a municipality or a parish.

(6)(a) "Project" means any organized plan carried out by an authority in relation to:

(i)Acquiring and rehabilitating abandoned and dilapidated properties.

(ii)Marketing and leasing, selling, or otherwise transferring the rehabilitated properties.

(b)"Project" includes:

(i)Acquiring land or an interest in land.

(ii)Acquiring structures, equipment, and furnishings located on a property.

(iii)Acquiring property that is functionally related and subordinate to a project.

(iv)Obtaining or contracting for any services necessary for the rehabilitation of a property.

(7)"Revenue" means the income, revenue, and other money an authority receives from or in connection with a project and all other income of an authority. Revenue includes grants, rentals, rates, fees, and charges.

(8)"Tax sale property" means property or an interest in property sold by the tax collector of the parish or for which interest has been adjudicated by a local government.

(9)"Trust agreement" means an agreement entered into by an authority to secure a bond. Trust agreement includes a bond contract, bond resolution, or other contract with or for the benefit of a bondholder.

Acts 2025, No. 443, §1.