§ 38:1545 — Resolution by board of commissioners; form and terms of bonds; sale or exchange

Funding or refunding bonds shall be issued by the board of drainage commissioners of the drainage district or sub-drainage district, by resolution to that effect, adopted upon the petition of not less than a majority in acreage of the property taxpayers, resident and non-resident, in the drainage district or sub-drainage district. The funding or refunding bonds shall be in any denomination or denominations of one hundred dollars, or multiples thereof and shall bear interest at a rate not exceeding five per cent per annum, payable annually or semi-annually. They shall run for a period not to exceed forty years, and shall mature and be payable annually, beginning not more than five years after their date of issue, as may be determined by the board of drainage commissioners. Bonds due each year, after they begin to mature, shall be for such amount that when the annual interest is added thereto the total amount to be paid each year, including principal and interest, shall be as nearly equal as practicable. The funding or refunding bonds shall be sold or exchanged at not less than ninety per cent of par. The amount due in any year in principal and interest of the bonds, which together with the cost of maintaining the drainage of the district or sub-district shall not be greater than the amount which will be realized from a forced contribution or acreage tax not to exceed three dollars fifty cents per acre per annum levied or to be levied for the year upon all of the lands of the district or sub-district. A certified copy of the resolution of the board of drainage commissioners authorizing the issuance of the funding or refunding bonds shall be published in two successive issues, within a period of ten days, of the official journal of the parish in which the drainage district or sub-drainage district is situated. Publication shall constitute due notice of the action to all persons interested.