§ 34:42 — Certificates of indebtedness

A. To enable said board to provide the funds necessary to build and construct such improvements, the board may issue certificates of indebtedness on such terms and conditions as the discretion of the board may determine, not to exceed two million dollars in principal at any time outstanding, secured by a mortgage on the real estate improved, or to be improved, and by the payment of the benefit assessment to be levied on the property by agreement between the land owners thereof and the board.
B. Savings banks and insurance companies are authorized to invest funds in their hands in such certificates of indebtedness and the said certificates may be used for deposit with any officer, board, municipality, or other political subdivision in any case where deposit or security may be required. Such certificates of indebtedness shall be negotiable instruments, and they shall be incontestable in the hands of bona fide holders for value.
C. Nothing contained in this Section shall be construed as pledging the credit of the State of Louisiana or the Board of Commissioners of the Port of New Orleans for the payment of the said certificates of indebtedness, nor shall the said certificates of indebtedness be construed as obligations of the State of Louisiana or of the Board of Commissioners of the Port of New Orleans.