RS 33:9034.2: Direct participation by the town of Richwood

The town of Richwood in Ouachita Parish may, by resolution or ordinance, propose to carry out the purposes of this Chapter without the necessity of creating and organizing an economic development corporation. The town of Richwood shall have all of the powers, rights, duties, and obligations of such a corporation under this Chapter and may do any act or take any action which such a corporation is authorized to do under this Chapter including entering into a joint venture or cooperative endeavor for a public purpose with a federal, state, or local governmental agency or with a private or public firm, partnership, corporation, or other entity such as ACIDCO Manufacturing, Inc., regarding which the town of Richwood shall be authorized to grant or loan up to two million dollars or a like value in property or property use.