Louisiana § RS 38:335 - Bond issues; Orleans Levee District

§ RS 38:335. Bond issues; Orleans Levee District

A.  To enable the board of commissioners of the Orleans Levee District to finance and carry on the work of development, improvement, maintenance, and operation herein authorized or otherwise authorized by law, the board may issue, sell, and deliver from time to time bonds, notes, and/or certificates of indebtedness to be signed in its behalf by its duly authorized officers, to bear such rate of interest not to exceed the maximum authorized by R.S. 39:1421 et seq., as the same now exists or may be hereafter amended, to be payable at such times and at such place or places, and to be issued under all such terms and conditions, not inconsistent herewith, as the board determines to secure such bonds, notes, and/or certificates of indebtedness at any time issued or to be issued and outstanding, the board may mortgage and pledge:

(1)  Any and all lands reclaimed or to be reclaimed or otherwise acquired by the board as part of the development, except such part of such land as is required by the provisions hereof to be reserved and dedicated for public parks, parkways, boulevards, playgrounds, and/or places of amusement and/or beach purposes, together with all buildings and improvements made or constructed or to be made or constructed thereon, and all rights, ways, privileges, servitudes, or appurtenances thereunto belonging or in anywise appertaining, and

(2)  Cash, notes, and/or other evidences of indebtedness received or to be received by the board in consideration for the sale or sales of any lands, lots, and improvements forming part of the development, and

(3)  Any lease or leases and the rents, incomes, and other advantages arising out of any lease or leases made or granted by the board in connection with the development, and

(4)  Generally, any and all rights of the board in and to any lands, property, incomes, revenues, claims, and other choses in action, forming part of and/or arising out of the development, and

(5)  The full faith and credit of the board as provided in Article VI, §39* of the Constitution of Louisiana.  

B.  The board may sign, execute, and deliver any act or acts of mortgage and pledge containing all such terms, conditions, and stipulations, not inconsistent herewith, as it deems proper to secure any bonds, notes, and/or other certificates of indebtedness issued or to be issued by it in pursuance hereof.  

C.  The bonds, notes, or certificates of indebtedness shall be exempt from all taxation for state, parish, and municipal purposes.  Savings banks and insurance companies are authorized to invest the funds in their hands therein, and the bonds, notes, and certificates of indebtedness may be used for deposit with any officer, board, municipality, or other political subdivision of this state in any case whereunder by any present or future laws deposit of security may be required.  The bonds, notes, and certificates of indebtedness shall be deemed to be negotiable instruments and incontestable in the hands of bona fide holders for value; however, nothing herein contained shall be construed as pledging the credit of the state of Louisiana for the payment of the bonds, notes, or certificates of indebtedness nor shall the bonds, notes, or certificates of indebtedness be construed as obligations of the state of Louisiana.  

D.  The power and authority hereby conferred shall be in addition to any power to issue bonds or other evidences of indebtedness and to borrow money now or hereafter conferred by law upon the board.  No bonds, notes, or certificates of indebtedness shall be issued by the board under the authority herein conferred unless authorized by a vote of three-fourths of all the members of the state bond commission.  

Acts 1985, No. 785, §1, eff. July 22, 1985.  

*AS APPEARS IN ENROLLED BILL.