Louisiana Revised Statutes 33:4575.5 – Debts
Terms Used In Louisiana Revised Statutes 33:4575.5
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
With the approval of the State Bond Commission, the district may incur debts for its lawful purposes, and issue in its name negotiable bonds or notes therefor, and pledge for the payment of the principal and interest of such negotiable bonds or notes the revenues derived from the operation of properties and facilities maintained and operated by it or received by the district from any taxes, fees, and assessments authorized under La. Rev. Stat. 33:4575-4575.6 or from other sources; however, the amount of such bonds or notes outstanding at any one time shall not exceed twenty million dollars. Such bonds when authorized to be issued, shall constitute a general obligation of the district, to which the full faith and credit of the district shall be and is hereby pledged. In addition to the pledge of revenues to secure said bonds and notes, the district may further secure their payment by conventional mortgage upon any or all of the properties constructed, or acquired, or to be constructed and acquired by it. The district also may receive, by gift, grant, donation, or otherwise, any sum of money, aid, or assistance from the United States, the state of Louisiana, or any political subdivision thereof, and unless otherwise provided by the terms of such gift, grant, or donation in its discretion, may pledge all or any part of such monies for the further securing of the payment of the principal and interest of its bonds or notes.
Acts 1986, No. 685, §1, eff. July 8, 1986.