Louisiana § 38:1587 Certificates of indebtedness

Louisiana Statutes

§ 38:1587 — Certificates of indebtedness

Louisiana § 38:1587

Title 38Public Contracts, Works and Improvements

This text of Louisiana § 38:1587 (Certificates of indebtedness) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

La. Stat. Ann. § 38:1587 (2026).

Text

A.The governing authority of any such drainage district complying with the provisions of this Part may issue, execute, negotiate, sell, and deliver negotiable interest-bearing coupon certificates of the district in an amount up to the total amount of the installments or deferred payments as provided in R.S. 38:1586.

B.The certificates shall bear interest not to exceed the legal maximum limit, shall be payable annually, and shall mature serially over a period not exceeding twenty years, but in no event shall the certificates extend over a longer period of time than that provided for by the ordinance levying the local or special assessments which may be payable in annual installments.

C.The certificates shall be of such form, date, and denomination and payable in principal and interest at

Free access — add to your briefcase to read the full text and ask questions with AI

A. The governing authority of any such drainage district complying with the provisions of this Part may issue, execute, negotiate, sell, and deliver negotiable interest-bearing coupon certificates of the district in an amount up to the total amount of the installments or deferred payments as provided in R.S. 38:1586.
B. The certificates shall bear interest not to exceed the legal maximum limit, shall be payable annually, and shall mature serially over a period not exceeding twenty years, but in no event shall the certificates extend over a longer period of time than that provided for by the ordinance levying the local or special assessments which may be payable in annual installments.
C. The certificates shall be of such form, date, and denomination and payable in principal and interest at such time and place as the governing authority may determine, and they shall be secured by and payable in principal and interest from the irrevocable pledge and dedication of the funds to be derived from the special assessments hereinabove provided which are payable in annual installments or deferred payments as provided for by this Part, which funds shall be set aside in a separate trust fund and shall not be drawn upon for any purpose other than to pay the principal and interest of the certificates.