§ 34:3162.3 — Borrowing in anticipation of regular revenues

Louisiana § 34:3162.3

• Jurisdiction: Louisiana
• Title 34: Navigation and Shipping

Text

A. The Caddo-Bossier Parishes Port Commission, in order to pay its current expenses for any year, may anticipate the revenues for such year and may borrow money to pay such expense and issue revenue anticipation notes to cover the loan.
B. The amount so borrowed by the commission shall in no case exceed the estimated income of the commission as shown by the budget adopted prior to such time, and the income collected as shown by the budget shall be dedicated and set aside to the payment of the revenue anticipation notes as they mature.
C. The revenue anticipation notes shall be made due and payable not later than sixty days after the end of the fiscal year in which they are issued, and shall be issued and sold in such manner and in such form as the commission may determine.

Legislative History

Acts 1994, No. 9, §1, eff. June 7, 1994.