La. Admin. Code tit. 71 § III-101

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-101 - Purpose

A. The following constitutes a full and complete description of the organization and the general course and method of operation of the commission, the organizational chart of which is attached hereto as §107, Exhibit A, and is made a part hereof.

B. By law, the commission shall have a chairman and a secretary and such other officers as the commission may elect. Present law provides that the chairman of the commission shall be the state treasurer, who is authorized to appoint the secretary. The duties of the chairman are defined by law and are generally those performed by the principal officer of a board or commission. The secretary is responsible for certifying all official proceedings and acts of the commission and is custodian of its official records and documents, performing such additional duties as are normally undertaken by the secretary of a commission or board. Also, the secretary shall assume certain duties of the chairman in his absence, or at his direction, and shall perform such other tasks as may be assigned by the chairman or commission.

C. The commission is a constitutionally created body and, under constitutional and statutory authority, the state agencies and political subdivisions may not incur debt or levy taxes or hold elections therefor without the approval or the authorization of the commission.

D. The commission receives applications from parishes, municipalities, special taxing districts, and other political subdivisions of the state, requesting authority to incur debt or levy taxes. These applications are reviewed for compliance with constitutional and statutory requirements and feasibility, including the ability to repay any indebtedness incurred. If the applications are in order, they are placed on an agenda for consideration by the commission at a regular or special meeting. At the meeting the commission either approves or disapproves the application or defers action on the application for further discussion. Certified copies of excerpts of minutes showing approval are sent to those who have submitted applications which are approved. Those whose applications are disapproved are notified.

E. The commission prepares all resolutions, official statements, notices, and all other proceedings in the issuance of state general obligation debt. In this regard, the commission publishes notices for receipt of bids on state debt and receives bids from underwriters seeking to purchase bonds of the state. The commission sees that the bonds are printed and delivered to the successful purchaser. The commission also issues obligations representing any debt which state agencies and authorities may incur.

F. Applications may be submitted and information may be obtained by writing to Bond Commission, Box 44154, Baton Rouge, LA 70804, Attention: Secretary, Bond Commission. Inquiries may be made by calling (225) 342-0067.

La. Admin. Code tit. 71, § III-101

Promulgated by the Department of the Treasury, Bond Commission, LR 2:343 (November 1976), amended LR 4:393 (October 1978).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:950 et seq.