RS 33:4160.7

238 words·~1 min read·/la/title-33/33-1994

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

RS 33:4160.7

§4160.7. Certificates of indebtedness

The governing authority of any such municipality or parish complying with the provisions of this Chapter, shall have the power and is hereby authorized to issue, execute, negotiate, sell, and deliver negotiable interest-bearing coupon certificates of the municipality or parish in an amount not exceeding the total amount of the installments or deferred payments as provided for in R.S. 33:3986, said certificates to bear interest at a rate or rates as may be payable annually, and to mature serially over a period not exceeding twenty years, but in no event shall said certificates extend over a longer period of time than that provided for by the ordinance levying the local or special assessments which may be payable in annual installments.

Said certificates shall be of such form, date, denomination, and payable in principal and interest at such time and place as the governing authority may determine, and such certificates shall be secured by and payable in principal and interest from the irrevocable pledge and dedication of the funds to be derived from the special assessments hereinabove provided, which are payable in annual installments or deferred payments as provided for by this Chapter, which funds shall be set aside in a separate trust fund and shall not be drawn upon for any purpose other than to pay the principal and interest of said certificates.

Acts 1990, No. 782, §1, eff. July 24, 1990.