§ 39:525 — Limited revenue bonds secured by a parcel fee or service charge

Louisiana § 39:525

• Jurisdiction: Louisiana
• Title 39: Procurement and Contract

Text

§525. Limited revenue bonds secured by a parcel fee or service charge
A. Any governmental entity that is authorized to levy a parcel fee or service charge
may anticipate the revenues to be realized from such parcel fee or service charge voted
pursuant to provisions of the constitution and laws of Louisiana by borrowing money to be
used only for the purpose for which such parcel fee or service charge was voted; however,
a governmental entity may not anticipate such revenues for a period that exceeds the
remaining number of years for which the parcel fee or service charge, as the case may be, is
authorized to be levied. Such a borrowing shall be evidenced by limited revenue bonds of
the governmental entity, which limited revenue bonds shall be payable solely from and
secured by an irrevocable pledge and dedication of the revenues of such parcel fee or service
charge, as the case may be.
B. The principal and interest due in any fiscal year of the governmental entity on
such limited revenue bonds shall not exceed eighty percent of the revenues estimated to be
realized from the levy of such parcel fee or service charge, as the case may be, for the fiscal
year in which such limited revenue bonds are issued. In applying the aforesaid test, all
revenues estimated to be realized from the levy of the parcel fee or service charge for the
fiscal year in which the bonds are issued, regardless of the date on which the revenues are
anticipated to be received, will be included in the estimated revenues for such fiscal year.
C. The principal of the limited revenue bonds shall be made due and payable
annually not later than June first of each future year in which principal falls due; provided
that such limited revenue bonds shall mature not later than June first in the year following
the last year in which the parcel fee or service charge, as the case may be, securing the
borrowing is authorized to be levied.
D. Limited revenue bonds issued under this Section are not revenue bonds within the
meaning of Article VI, Section 37 of the Constitution of Louisiana.

Legislative History

Acts 2018, No. 569, §1, eff. July 1, 2018.