§ 3:344 — Obligations of the district

§344. Obligations of the district
A. The district shall have authority to incur debt for any one or more of its lawful
purposes set forth in this Part, to issue in its name negotiable bonds, notes, certificates of
indebtedness, or other evidence of debt, and to provide for the security and payment thereof.
B.(1) The district may in its own name and behalf borrow from time to time in the
form of certificates of indebtedness. The certificates shall be secured by the dedication and
pledge of monies of the district derived from any lawful sources, including fees, lease rentals,
service charges, local service agreement payments from one or more other contracting
parties, or any combination of such sources of income, provided that the term of such
certificates shall not exceed ten years and the annual debt service on the amount borrowed
shall not exceed the anticipated revenues to be dedicated and pledged to the payment of the
certificates of indebtedness, as shall be estimated by the board of the district at the time of
the adoption of the resolution authorizing the issuance of such certificates. The estimate of
the board referred to in the authorizing resolution shall be conclusive for all purposes of this
Section.
(2) The board, as the governing authority of the district, is authorized to adopt all
necessary resolutions or ordinances which may be necessary for ordering, holding,
canvassing, and promulgating the returns of any election required for the issuance of general
obligation bonds, which resolutions or ordinances may include covenants for the security and
payment of any bonds or other evidence of debt so issued.
(3) For a period of thirty days from the date of publication of any resolution or
ordinance authorizing the issuance of any bonds, certificates of indebtedness, notes, or other
evidence of debt of the district, any interested person may contest the legality of such
resolution or ordinance and the validity of such bonds, certificates of indebtedness, notes, or
other evidence of debt issued or proposed to be issued thereunder and the security of their
payment, after which time no one shall have any cause of action to contest the legality of the
resolution or ordinance or to draw into question the legality of the bonds, certificates of
indebtedness, notes, or other evidence of debt, the security therefor, or the debts represented
thereby for any cause whatever, and it shall be conclusively presumed that every legal
requirement has been complied with, and no court shall have authority to inquire into such
matters after the lapse of thirty days.
(4) The issuance and sale of such bonds, certificates of indebtedness, notes, or other
evidence of debt by the district shall be subject to approval by the State Bond Commission.
(5) Such bonds, certificates of indebtedness, notes, or other evidence of debt shall
have all the qualities of negotiable instruments under the commercial laws of the state of
Louisiana.

Legislative History

Acts 2021, No. 337, §1.