Whenever the governing authority of a municipal corporation desires to issue certificates of indebtedness as provided herein, it may, by resolution adopted by a vote of two-thirds of the members of the governing authority, order an election to be held to determine whether or not it is the wish of the qualified resident electors of the municipality that the certificates of indebtedness be so issued and secured. The resolution shall state specifically the amount of the certificates of indebtedness proposed to be issued, the number of years that they are to run, the maximum rate of interest they shall bear, the purpose or purposes for which they are to be issued, a description of the properties for which they are to be issued, a description of the properties of which the incomes and revenues
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Whenever the governing authority of a municipal corporation desires to issue certificates of indebtedness as provided herein, it may, by resolution adopted by a vote of two-thirds of the members of the governing authority, order an election to be held to determine whether or not it is the wish of the qualified resident electors of the municipality that the certificates of indebtedness be so issued and secured. The resolution shall state specifically the amount of the certificates of indebtedness proposed to be issued, the number of years that they are to run, the maximum rate of interest they shall bear, the purpose or purposes for which they are to be issued, a description of the properties for which they are to be issued, a description of the properties of which the incomes and revenues are to be pledged for the security of the certificates of indebtedness, and shall designate the date of the election and the polling places.
Notice of the election shall be given by publication for thirty days in a newspaper published in the municipality or in the parish in which the municipality is situated. The notice shall embrace substantially all matters required to be set forth in the resolution requiring the election and shall be signed by the chief executive officer of the municipality.
The election shall be held in accordance with the rules and regulations for general state elections. Ballots shall be substantially in the following form:
"Shall the governing authority of the City of _______________ be authorized to issue certificates of indebtedness in the sum of ________ Dollars to run for _____ years, bearing interest not to exceed _____ per centum per annum, payable (annually or semiannually) for the purpose of _________________ to be secured by a pledge of income, revenues, and franchises of _______________?"
To vote in favor of this proposition the voter
YES
will make a cross mark (X) under the word
____
"Yes" and to vote against it, the voter will
mark a cross mark (X) in the space underneath
NO
the word "No".
____
Any person interested shall have the right to resort to the district court of the parish in which the municipality is situated in order to contest the election or the issuance of certificates thereby authorized, provided suit is filed within sixty days from the date of promulgation of the returns of the election. After this time no court shall entertain the suit.