1. (A) The Louisiana Recovery District shall have no power or authority, directly or indirectly, to incur debt or issue bonds after the effective date of this Section except to refund any such outstanding debt or bonds at a lower effective rate of interest. Any debt or bonds issued and outstanding on the effective date of this Section, or any debt incurred or bonds issued to refund such indebtedness or bonds as authorized by this Section shall be retired no later than the end of Fiscal Year 1998-1999. At such time as there is no debt or bonds of the Louisiana Recovery District outstanding, the Louisiana Recovery District shall cease to exist and any authority or power of the district shall be null and void. The Louisiana Recovery District shall not levy a new tax or increase any existing tax of the district.
2. (B) The legislature shall not grant any power of taxation or power to incur debt or issue bonds to any one or more political subdivisions, special districts, agencies, boards, commissions, or other authorities created by the legislature for the purpose of generating revenue for the state whose boundary or combined boundaries are coterminous with the state, except by law enacted by a favorable record vote of two-thirds of the elected members of each house of the legislature. This Paragraph shall not apply to the Louisiana Recovery District.
3. (C) Except as provided in Paragraphs (A) and (B), this Section shall not apply to any political subdivision, special district, agency, board, commission, municipality, parish, school board, levee district, port, or to any other similar authority.

Added by Acts 1994, No. 48, §1, approved Oct. 1, 1994, eff. Nov. 3, 1994.