§ 33:9039.27 — Bonds not debts of state governmental units

Louisiana § 33:9039.27

• Jurisdiction: Louisiana
• Title 33: Municipalities and Parishes

Text

Bonds issued under the provisions of this Chapter shall be limited obligations of the district payable solely from the sources pledged for the payment thereof. All such bonds shall contain a statement on their face substantially to the effect that neither the faith and credit of the state nor the faith and credit of any governmental unit of the state are pledged to the payment of the principal of or the interest of such bonds. The issuance of bonds under the provisions of this Chapter shall not directly, indirectly, or contingently obligate the state or any governmental unit of the state to levy any taxes whatever therefor or to make any appropriation for their payment arising out of contracts authorized under this Chapter.

Legislative History

Acts 2001, No. 992, §1.