The Louisiana State Bond Commission was created in 1968 to centralize and administer the incurring of state debt. Subsequent to the creation of the State Bond Commission, the State Bond and Tax Board, which had been charged with approving the issuance of bonds by various political subdivisions of the state, was abolished and its functions were transferred to the State Bond Commission. The Louisiana Constitution of 1974, Article VII, Section 8, grants constitutional status to the Commission and provides that “No bonds or other obligations shall be issued or sold by the State directly or through any State board, agency or commission, or by any political subdivision of the State, unless prior written approval of the Commission is obtained.” The State Bond 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 State Bond Commission at a regular or special meeting. At the meeting the State Bond Commission either approves or disapproves the application or defers action on the application for further discussion. The State Bond Commission prepares all resolutions, official statements and notices and all other proceedings in the issuance of State general obligation debt. In this regard, the State Bond 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. |
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