Louisiana Revised Statutes Tit. 33, § 4531. Authority to transfer the public belt railroad system

Upon the recommendation of the railroad commission and the determination by the Board of Commissioners of the Port of New Orleans that the interests of the state of Louisiana, the city of New Orleans, the port of New Orleans, and the public belt railroad system would best be served if the public belt railroad system were owned or operated by another firm or corporation, public or private, or another political subdivision or state agency, the Board of Commissioners of the Port of New Orleans shall have the right and authority to direct the railroad commission to assign, transfer, and deliver to such firm or corporation, political subdivision or state agency all of its rights of way, rails, tracks, locomotives, switch yards, and such other assets of the public belt railroad system as are needed or useful in connection with the operation of a terminal railroad, upon such terms and conditions as the Board of Commissioners of the Port of New Orleans and the railroad commission each shall approve by resolution duly adopted at a regular or special meeting of the respective boards. Any such transfer shall require that such firm, corporation, political subdivision, or state agency agree (i) to continue to operate, maintain, and develop the public belt railroad system to serve the Port of New Orleans and the industries located on the system; (ii) to make proper and legal provision for the pledge of railroad net revenues toward the payment of outstanding Port of New Orleans Port Facility Revenue Bonds and other indebtedness outstanding at such time; and (iii) to recognize and maintain the rights of the employees of the public belt railroad system under existing labor contracts and applicable law; however, this requirement shall not be interpreted to prohibit future changes that may be permitted by law or contract or negotiated agreement with employees. With the exception of any agreement with the Board of Commissioners of the Port of New Orleans, any such agreement with any state agency which directly or indirectly affects an expenditure of state funds shall require the approval of the legislature.