§ 40:478 — Issuance of debt instruments other than bonds

A. In addition to borrowing authorized under R.S. 40:431 and the issuance of bonds under R.S. 40:470, a housing authority may also issue notes, debt certificates, certificates of participation, and other debt or equity instruments, of every kind and description, for the purpose of generating funds to carry out the purposes of this Chapter.
B. Such notes, certificates, or instruments may be issued for such consideration, in such amounts, and upon such terms and conditions as the authority shall deem appropriate, consistent with the requirements of R.S. 40:489.
C. The limitation on liability set forth with respect to bonds in R.S. 40:469 shall also be applicable with respect to any such notes, certificates, or instruments.
D. The housing authority may offer such notes, certificates, or instruments at public or private sale and may enter into such contracts, agreements, and arrangements relating to such sale as it shall deem appropriate.

Legislative History

Amended by Acts 1950, No. 401, §21; Acts 1960, No. 461, §1; Acts 1997, No. 1188, §1.