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A.(1)  The governing authority of any parish may by ordinance create communications districts composed of any part or all of the territory lying wholly within the parish.

(2)  The governing authorities of two or more parishes may by ordinance create a communications district composed of any part or all of the territory wholly within the boundaries of the parishes.

(3)  Any district created in accordance with the provisions of this Section shall be a political and legal subdivision of the state, with power to sue and be sued in its corporate name and to incur debt and issue bonds.

B.(1)  The bonds shall be negotiable instruments and shall be solely the obligations of the district and not the state of Louisiana.

(2)  The bonds and the income thereof shall be exempt from all taxation in the state of Louisiana.

(3)  The bonds shall be payable out of the income, revenues, and receipts of the district.

(4)  The bonds shall be authorized and issued by ordinance or resolution of the governing authority of the district and shall:

(a)  Be of such series;

(b)  Bear such date or dates;

(c)  Mature at such time or times, not to exceed thirty years from issuance;

(d)  Bear interest at such rate or rates;

(e)  Be in such denominations;

(f)  Be in such form, either coupon or fully registered without coupon;

(g)  Carry such registration and exchangeability privileges;

(h)  Be payable in such medium of payment and at such place or places;

(i)  Be subject to such terms of redemption; and

(j)  Be entitled to such priorities on the income, revenues, and receipts of the district as such resolution may provide.

(5)  The bonds shall be authorized and issued in accordance with the provisions of Chapter 13 of Title 39 of the Louisiana Revised Statutes of 1950 relative to securities of public entities, and in accordance with the rules and regulations of the State Bond Commission.

Added by Acts 1983, No. 550, §1; Acts 1995, No. 447, §2, eff. June 17, 1995; Acts 1999, No. 1029, §1, eff. July 9, 1999.