§562. Limit of indebtedness
A. For the purposes of this Section, "general obligation bonds" and "bonded debt"
mean bonds or bonded debt, as the case may be, payable solely from ad valorem taxation
imposed pursuant to R.S. 39:569.
B. No debt shall be incurred and general obligation bonds issued therefor by any
subdivision hereunder for any one of the purposes herein provided which, including the
existing bonded debt of such subdivision for such purpose, but excepting bonds issued and
secured by an acreage tax, bonds issued under Section 2 of Article IV of the Constitution of
1921 as amended by Act 212 of 1952, bonds issued under Paragraph (b.2) of Section 14 of
Article XIV of the Constitution of 1921, bonds issued under Section 24 of Article XIV of the
Louisiana Constitution of 1921 as amended by Act 420 of 1978, bonds issued under
Paragraph (e) of Section 14 of Article XIV of the Louisiana Constitution of 1921 and
refunding bonds issued under Paragraph (g) of said Section 14, or their successor laws, shall
exceed in the aggregate ten percent of the assessed valuation of the taxable property of such
subdivision, including both (1) homestead exempt property, which shall be included on the
assessment roll for the purposes of calculating debt limitation and (2) nonexempt property,
as ascertained by the last assessment for parish, municipal, or local purposes prior to delivery
of the bonds representing such indebtedness, regardless of the date of the election at which
said bonds were approved. However, the governing authority of any municipality may incur
debt and issue bonds therefor as provided in this Subsection, for the purposes set forth in
Louisiana R.S. 39:553, which may exceed ten percent for any one of such purposes, provided
that the aggregate for all of such purposes determined at the time of issuance of the bonds
does not exceed thirty-five percent of the assessed valuation of the taxable property of the
municipality, calculated as set forth in this Subsection.
C. Except as otherwise provided by law, the governing authority of parishwide
school districts and of special school districts, including the city school boards of the cities
of Bogalusa and Monroe, which cities shall be treated as special school districts, may incur
debt and issue bonds therefor for the purposes set out in R.S. 39:554 which, including the
existing bonded debt of the subdivision for such purposes, may exceed ten percent but shall
not exceed thirty-five percent of the assessed valuation of the taxable property of such
subdivision, including both (1) homestead-exempt property, which shall be included on the
assessment roll for the purposes of calculating debt limitation, and (2) nonexempt property,
as ascertained by the last assessment for the parish or local purposes prior to delivery of the
bonds representing such debt, regardless of the date of the election at which said bonds were
approved.
D. Except as otherwise provided by law, the governing authority of the parishwide
school districts and of special school districts in the parishes of DeSoto, Livingston, and
Sabine may incur debt and issue bonds therefor for the purposes set out in R.S. 39:554
which, including the existing bonded debt of such subdivision for such purposes, may exceed
ten percent but shall not exceed thirty-five percent of the assessed valuation of the taxable
property of such subdivision, including both (1) homestead-exempt property, which shall be
included on the assessment roll for the purposes of calculating debt limitation, and (2)
nonexempt property, as ascertained by the last assessment for the parish for local purposes
prior to delivery of the bonds representing such debt, regardless of the date of the election
at which said bonds were approved.
E. The governing authority of Recreation District No. 3 of Livingston Parish may
incur debts and issue bonds therefor for the purposes set out in R.S. 33:4563 which,
including the existing bonded debt of such subdivision for such purposes, may exceed ten
per centum but shall not exceed twenty-five per centum of the assessed valuation of the
taxable property of such subdivision, including both (1) homestead exempt property, which
shall be included on the assessment roll for the purposes of calculating debt limitation, and
(2) nonexempt property, as ascertained by the last assessment for parish, municipal or local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
F. The governing authority of the parishwide school districts and of special school
districts in the parishes of DeSoto and Sabine and of School District 27 of Calcasieu Parish
may incur debt and issue bonds therefor for the purposes set out in R.S. 39:554 which,
including the existing bonded debt of such subdivision for such purposes, may exceed ten
percent but shall not exceed thirty-five percent of the assessed valuation of the taxable
property of such subdivision, including both (1) homestead exempt property, which shall be
included on the assessment roll for the purposes of calculating debt limitation, and (2)
nonexempt property, as ascertained by the last assessment for the parish for local purposes
prior to delivery of the bonds representing such debt, regardless of the date of the election
at which said bonds were approved.
G. The governing authority of the parishwide school district and of special school
districts in the Parish of Lincoln, with the approval of a majority of the voters voting therein
at an election held for that purpose, may incur debt and issue bonds therefor for the purposes
set out in R.S. 39:554 which, including the existing bonded debt of such subdivision for such
purposes, may exceed ten percentum but shall not exceed thirty-three percentum of the
assessed valuation of the taxable property of such subdivision, including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation, and
(2) Nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
H. The governing authority of Waterworks District No. Twelve of Ward Three of
Calcasieu Parish, Louisiana, may incur debt and issue bonds therefor for the purposes set out
in R.S. 39:557 which, including the existing bonded debt of such subdivision for such
purposes, may exceed ten percent, but shall not exceed twenty percent of the assessed
valuation of the taxable property of such subdivision including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation, and
(2) Nonexempt property, as ascertained by the last assessment for parish, municipal
or local purposes prior to delivery of the bonds representing such debt, regardless of the date
of the election at which said bonds were approved.
I. The governing authority of the parishwide school district and of special school
districts in the parish of Natchitoches, with the approval of a majority of the voters voting
therein at an election held for that purpose, may incur debt and issue bonds therefor for the
purposes set out in R.S. 39:554 which, including the existing bonded debt of such
subdivision for such purposes, may exceed ten percent but shall not exceed fifty percent of
the assessed valuation of the taxable property of such subdivision, including both (1)
homestead exempt property, which shall be included on the assessment roll for the purposes
of calculating debt limitation, and (2) nonexempt property, as ascertained by the last
assessment for the parish for local purposes prior to delivery of the bonds representing such
debt, regardless of the date of the election at which said bonds were approved.
J. The governing authority of any parishwide school district and of special school
districts in the parish of Richland, with the approval of a majority of the voters voting therein
at an election held for that purpose, may incur debt and issue bonds therefor for the purposes
set out in R.S. 39:554 which, including the existing bonded debt of such subdivision for such
purposes, may exceed ten percent but shall not exceed fifty percent of the assessed valuation
of the taxable property of such subdivision, including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation, and
(2) Nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
K. The governing authority of any parishwide school district and of special school
districts in any parish having a population of more than fifteen thousand people and less than
twenty-five thousand people according to the latest federal decennial census of record at the
time such bonds are issued, with the approval of a majority of the voters voting therein at an
election held for that purpose, may incur debt and issue bonds therefor for the purposes set
out in R.S. 39:554 which, including the existing bonded debt of such subdivision for such
purposes, may exceed ten percent but shall not exceed fifty percent of the assessed valuation
of the taxable property of such subdivision, including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation, and
(2) Nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
L. The governing authority of any parishwide school district and of special school
districts in any parish having a population of more than thirty thousand people and less than
fifty thousand people according to the latest federal decennial census of record at the time
such bonds are issued, with the approval of a majority of the voters voting therein at an
election held for that purpose, may incur debt and issue bonds therefor for the purposes set
out in R.S. 39:554 which, including the existing bonded debt of such subdivision for such
purposes, may exceed ten percent but shall not exceed fifty percent of the assessed valuation
of the taxable property of such subdivision, including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation, and
(2) Nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
M. The governing authority of any parishwide school district and of special school
districts in any parish having a population of more than ninety-one thousand persons and less
than ninety-eight thousand persons according to the latest federal decennial census of record
at the time such bonds are issued, with the approval of a majority of the voters voting therein
at an election held for that purpose, may incur debt and issue bonds therefor for the purposes
set out in R.S. 39:554 which, including the existing bonded debt of such subdivision for such
purposes, may exceed ten percent but shall not exceed fifty percent of the assessed valuation
of the taxable property of such subdivision, including both homestead exempt property,
which shall be included on the assessment roll for the purposes of calculating debt limitation,
and nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
N. Notwithstanding any contrary provisions of this Section, in any parish where the
construction of pump and levee drainage systems are required in order to drain its territory,
and the need for such construction has been verified by the Department of Transportation and
Development, the governing authority of such parish or any parish wide hurricane flood
protection and drainage district ("district"), which district is hereby authorized to be created
by and governed by such governing authority, may incur debt and issue bonds for the
purposes of constructing and improving levees and gravity and forced drainage works which,
including the existing bonded debt of the parish or the district for such purposes, may exceed
ten percent but shall not exceed twenty percent of the assessed valuation of the taxable
property of such parish, including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation; and
(2) Nonexempt property as ascertained by the last assessment for any parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which such bonds were approved.
O. Notwithstanding any contrary provision of this Section or of any other law, the
governing authority of any parishwide school district and of special school districts in any
parish having a population of more than fifteen thousand people and less than fifty-five
thousand people according to the latest federal decennial census of record at the time such
bonds are issued, with the approval of a majority of the voters voting therein at an election
held for that purpose, may incur debt and issue bonds therefor for the purposes set out in R.S.
39:554 which, including the existing bonded debt of such subdivision for such purposes, may
exceed ten percent, but shall not exceed fifty percent of the assessed valuation of the taxable
property of such subdivision, including both of the following:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation.
(2) Nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
P. Notwithstanding any provision of this Section or any other law to the contrary, the
governing authority of any school system created by the legislature after January 1, 1999, in
any parish having a population of at least three hundred thousand persons and fewer than
four hundred fifty thousand persons according to the most recent federal decennial census
at the time any bonds authorized by this Subsection are issued, with the approval of a
majority of the voters voting thereon at an election held for that purpose, may incur debt and
issue bonds for the purposes specified in R.S. 39:554 which, including the existing bonded
debt of the school board for such purposes, may exceed ten percent but shall not exceed fifty
percent of the assessed valuation of the taxable property within the geographic boundaries
of the school system, including both of the following:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purpose of calculating debt limitation.
(2) Nonexempt property, as ascertained for local purposes by the last assessment of
property within the geographic boundaries of the school system prior to the delivery of the
bonds representing the debt, regardless of the date of the election at which said bonds were
approved.
Q. The governing authority of any parish school district in any parish having a
population of more than one hundred forty-nine thousand persons and less than one hundred
eighty-four thousand persons according to the latest federal decennial census of record at the
time such bonds are issued, with the approval of a majority of the voters voting therein at an
election held for that purpose, may incur debt and issue bonds therefor for the purposes set
out in R.S. 39:554 which, including the existing bonded debt of such subdivision for such
purposes, may exceed ten percent but shall not exceed fifty percent of the assessed valuation
of the taxable property of such subdivision, including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation.
(2) Nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.
R. The governing authority of Iowa Fire Protection District No. 1 of Calcasieu
Parish, with the approval of a majority of the voters voting therein at an election held for that
purpose, may incur debt and issue bonds therefor for the purposes set out in R.S. 39:553
which, including the existing bonded debt of such subdivision for such purposes, may exceed
ten percent but shall not exceed twenty-five percent of the assessed valuation of the taxable
property of such subdivision, including both:
(1) Homestead exempt property, which shall be included on the assessment roll for
the purposes of calculating debt limitation.
(2) Nonexempt property, as ascertained by the last assessment for the parish for local
purposes prior to delivery of the bonds representing such debt, regardless of the date of the
election at which said bonds were approved.