NOTE: §1011 eff. until July 1, 2021. See Acts 2018, No. 569.
PART XIII. BONDS AND OTHER DEBT OBLIGATIONS
FOR WORKS OF PUBLIC IMPROVEMENT
§1011. Authorization to issue bonds or other debt obligations
A. Any political subdivision, in any parish of the state, as defined in Article VI, Section 44(2) of the constitution but excepting the school boards, including but not limited to municipalities, parishes, sewerage districts, water districts, airport authorities, airport districts, and port commissions may issue bonds or other debt obligations including but not limited to notes and certificates of indebtedness, to construct, acquire, extend, or improve any work of public improvement. The bonds or other debt obligations may be secured by mortgage on the lands, buildings, machinery, and equipment or by the pledge of the income and revenues derived or to be derived from the work of public improvement owned, leased, or operated by such political subdivision, sufficient in amount to pay the principal of and the interest on such bonds or other debt obligations as they severally mature, and such bonds and other debt obligations shall not be a charge upon the other income and revenues of the political subdivision as prohibited under the provisions of Article VI, Section 37 of the constitution. Any project or undertaking by any such political subdivision from which revenue is or will be derived, whether by lease, rents, fees, charges, or otherwise, shall be considered a revenue producing work of public improvement within the meaning of this Part. For the purposes of this Part, the governing body of the political subdivision shall be the police jury, municipal board, commissioners, or other board or body authorized to exercise the functions of the subdivision.
B. The authority granted in this Part is in addition to the right of the political subdivisions to borrow money or incur indebtedness under the provisions of any other act or statute.
NOTE: §1011 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§1011. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Added by Acts 1977, No. 706, §1. Amended by Acts 1978, No. 482, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.