§ 34:2025 — Authority for issuance of bonds; levy of taxes

The commission, with the approval of the state bond commission and with the approval of a majority of the voters of the district voting in an election held for such purpose, is authorized to incur debt for its lawful purposes and to issue in its name, negotiable bonds or notes therefor, and to pledge for the payment of the principal and interest of such negotiable bonds or notes the revenue derived from ad valorem taxes or other revenues derived from the operation of properties and facilities maintained and operated by it, or received by the commission from other sources. Such bonds shall be issued by the commission with such dates, forms, terms, series, interest rates, maturities, denominations, redemption provisions and security provisions as the commission may determine in compliance with the provisions of the Constitution of Louisiana, and the commission shall have complete authority to incur debt and issue bonds of each type and in every manner provided by said constitution. All bonds, when authorized to be issued, shall constitute a general obligation of the commission to the payment of which the full faith and credit of the commission and the district shall be and are hereby pledged. In addition to the pledge of revenues to secure said bonds and notes, the commission may further secure their payment by a conventional mortgage upon any or all of the properties constructed or acquired, or to be constructed and acquired by it. The commission is further authorized to receive, by gift, grant, donation or otherwise, any sum of money, aid or assistance from the United States, the state of Louisiana, or any political subdivision thereof, and unless otherwise provided by the terms of such gift, grant or donation, in its discretion, it may pledge all or any part of such monies for the further securing of the payment of the principal and interest of its bonds or notes.

Legislative History

Acts 1990, No. 710, §1.