Code · Louisiana · Title 38 — Public Contracts, Works and Improvements

RS 38:1521

94 words·~1 min read·/la/title-38/38-33

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RS 38:1521

PART III. BORROWING MONEY AND PLEDGING REVENUES

§1521. Boards authorized to borrow money and pledge revenues

The board of commissioners of drainage districts may anticipate the current revenues of each year, in advance of their availability, by borrowing the sums which in their judgment may be required for the needs of the district for the current year, upon the terms they may see fit, at rates of interest not exceeding six per cent per annum, and secure the loans by a pledge of the revenues of the district for the current year.