2023 Louisiana Laws › Revised Statutes › Title 33 - Municipalities and Parishes › §33:9209. Issuance of certificates of indebtedness and bonds

RS 33:9209 - Issuance of certificates of indebtedness and bonds
A. Subject to the approval of the governing authority of Lafayette Parish and the State Bond Commission, the district may issue certificates of indebtedness for the purpose of paying the cost of constructing, acquiring and/or improving any public improvement included in the master plan. These certificates of indebtedness shall be payable from a pledge and dedication of the revenues of any special tax levied under the provisions of R.S. 33:9208. No such certificates of indebtedness shall be issued that require payments of principal and interest in excess of seventy-five percent of the revenues estimated to accrue to the district from such tax in the year in which such certificates of indebtedness are issued. Such certificates of indebtedness shall mature over a period not exceeding fifteen years, shall be in such form, and shall be callable under such terms at such premiums as may be set out in the ordinance providing for their issuance. These certificates of indebtedness shall bear interest at such rate or rates as may be determined by the district and approved by the State Bond Commission. Such certificates of indebtedness and the income therefrom shall further be exempt from all taxation in the state of Louisiana. These certificates of indebtedness when issued shall be negotiable paper under the law merchant, shall not be invalid for any irregularity or defect in the proceedings providing for their issuance, and shall be incontestable in the hands of bona fide purchasers thereof for value. No court shall have authority or jurisdiction to inquire into the legality thereof if the validity of such certificates is not raised within thirty days from the date of publication of the ordinance providing for their issuance.
B. In addition to the authority set forth in Subsection A above, the district may issue certificates of indebtedness under the authority of R.S. 33:2921 to R.S. 33:2925 after satisfying the legal requirements set forth therein.
C.(1) Subject to the approval of the governing authority of Lafayette Parish and the electors of the district as herein provided, the district may issue its general obligation bonds in accordance with the provisions of Subpart A, Part III of Chapter 4, Chapter 13, and Chapter 13-A, all of Title 39 of the Louisiana Revised Statutes of 1950.
(2) Such bonds may be issued for the purpose of constructing, acquiring, and/or improving any work of public improvement included in the master plan.
(3) As provided by Article VI, Section 33 of the Louisiana Constitution, the bonds shall have pledged thereto the full faith and credit of the district, and the district shall levy and collect taxes on all property subject to taxation in the district sufficient to pay the bonds in principal, interest, and premium, if any, as the same becomes due and payable.
D.(1) Subject to the approval of the governing authority of Lafayette Parish and the State Bond Commission, the district may issue its revenue bonds as provided for a municipal corporation or municipality under the terms and provisions of Part XII of Chapter 4, Chapter 13, and Chapter 13-A, all of Title 39 of the Louisiana Revised Statutes of 1950, but only for the purpose of financing all or any portion of the costs of public improvements or facilities included in the master plan.
(2) Such revenue bonds shall be issued in the name of the district and shall not be general obligations secured by the full faith and credit of the district, Lafayette Parish, or the state of Louisiana but shall be limited obligations of the district contemplated by Article VI, Section 37 of the Louisiana Constitution of 1974.
(3) The principal, interest, and redemption premiums on the revenue bonds, if any, shall be payable solely from the income and revenue derived from the sale, lease, or other disposition of the project or facility so financed, all as more fully set forth in said Part XII.
(4) Also, in the discretion of the board the revenue bonds may be additionally secured by a mortgage covering all or any part of the project or facility as more fully set forth in said Part XII.
(5) The district may sell, lease, sublease, or otherwise dispose of by suitable and appropriate contract the sites, projects and/or facilities, and appurtenances thereto, all or severally, financed by said revenue bonds in the manner provided by said Part XII.
(6) In all other respects, the district is authorized and empowered to issue its revenue bonds to finance projects or facilities as described in this Subsection under the authority contained in said Part XII without the limitations of other laws.
(7) The district is further authorized to contract with respect to such projects or facilities as herein provided and more fully set forth in said Part XII.
Acts 1984, No. 161, §1.