Proposed law includes any district created pursuant to proposed law in the definition of "issuer" and "local governmental subdivision" under the laws applicable to tax increment financing for local governmental subdivisions.

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Proposed law defines "parish" as any parish with a population between 23,000 and 25,500 persons based upon the latest federal decennial census.

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Proposed law authorizes the parish governing authority to, by ordinance, create a special taxing district and political subdivision of the state.

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Proposed law requires that the ordinance creating the district establish its boundaries within the parish.

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Proposed law provides that the district is created to provide for cooperative economic development between the district, the parish, and the owners of businesses and other property within the district in order to provide for costs related to infrastructure within the district.

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Proposed law provides that the district shall be administered and governed by a board of commissioners as follows:

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(1) The parish president, or his designee.

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(2) A member of the parish council appointed by the parish president.

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(3) The chairman or director of a port located within the parish.

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(4) A member of the parish economic development community appointed by the regional economic development authority president or chief executive officer.

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(5) A member of the business community located within the district appointed by the parish president.

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Proposed law provides for quorum and record keeping requirements and requires the board to adopt bylaws and rules. Provides that the board members serve without salary or per diem but are entitled to reimbursement for reasonable, actual, and necessary expenses incurred in the performance of their duties.

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Proposed law provides that the district, acting by and through its board, 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:

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(1) To sue and to be sued.

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(2) To adopt bylaws and rules and regulations.

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

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(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.

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

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(6) To acquire by gift, grant, purchase, or lease but not by expropriation, 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.

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(7) In its own name and on its own behalf, to incur debt and to issue bonds, notes, certificates, and other evidences of indebtedness.

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

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(9) To do all things reasonably necessary to accomplish the purposes of proposed law.

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(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.

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Proposed law grants the district tax increment finance authority, taxing authority, and other authority that is provided to local governmental subdivisions in present law, including but not limited to the following: ad valorem tax increment financing and bonding; sales tax increment financing and bonding; cooperative endeavor authority; bond authority; and ad valorem, sales tax, and hotel occupancy tax authority.

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Proposed law provides that the district may pledge any taxes collected to any economic development project in furtherance of the purposes of the district.

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Proposed law requires that the district 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 exist for less than three years.

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Effective upon signature of the governor or lapse of time for gubernatorial action.