RS 1239 - Alternative issuers; additional powers and duties for the corporation; limitations; approval of storm recovery bonds by the State Bond Commission; financing order requirements
A. Notwithstanding any provisions to the contrary in R.S. 45:1228 and 1233, when the corporation is participating in a securitization financing transaction pursuant to this Part, the financing order may authorize any Louisiana public entity that has a separate corporate existence and that is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States to be the issuer of the storm recovery bonds. After the issuance of such financing order, the corporation shall arrange for the issuance of the storm recovery bonds as specified in the financing order by an issuer selected by the corporation and approved by the commission. The corporation shall enter into a loan transaction with the issuer and then transfer the net proceeds of such storm recovery bonds received by the corporation to the pertinent utility as the purchase price of the storm recovery property.
B. The corporation shall not itself have the authority to issue storm recovery bonds. The corporation may issue promissory notes to issuers pursuant to this Part.
C. When storm recovery bonds are issued pursuant to this Section, the bonds shall be approved by the State Bond Commission.
Acts 2021, No. 293, §2. eff. June 14, 2021.