§ 33:3660 — Issuance of certificates for payment of costs

Municipalities complying with the provisions of this Subpart may issue, execute, negotiate, sell and deliver negotiable interest bearing coupon certificates of the municipality in an amount not exceeding the total amount of the installments or deferred payments as provided for in R.S. 33:3657, the certificates to bear interest not exceeding six per cent per annum payable annually and maturing serially over a period not exceeding ten years. In no event shall the 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. The certificates shall be in such form, date, denomination, and payable in principal and interest at such times and place as the governing authority may determine; the certificates shall be secured by and paid from, in principal and interest, the irrevocable pledge and dedication of the funds derived from the levy and collection of the special assessments on the real property abutting the streets along which the street lighting system has been installed, shall be payable in annual installments or deferred payments as provided for by this Subpart, which funds shall be set aside in a separate fund and shall not be drawn upon for any other purpose than to pay the principal and interest of the certificates.

Legislative History

Added by Acts 1967, No. 117, §4.