Louisiana § RS 33:2923 - Certificates of indebtedness to be issued

§ RS 33:2923. Certificates of indebtedness to be issued

A.  Any parish, municipal corporation, and any political subdivision as defined in R.S. 33:2922, having the prior approval of the governing authority which created it may issue certificates of indebtedness covering that portion of the cost of public improvements, or the payment of other obligations, which by existing law are to be borne or to be paid by it under contracts payable out of the revenues of subsequent years as provided for in R.S. 33:2922.  The certificates shall bear interest at a rate as provided by law, payable annually or semiannually, and shall mature over a period not exceeding ten years from the date thereof.  Such certificates of indebtedness and the income therefrom shall be exempt from all taxation in the state of Louisiana.  Said certificates of indebtedness when issued shall be negotiable paper under the law merchant, shall not be invalid for any irregularity or defect in the proceedings providing for their issuance, shall be incontestable in the hands of bona fide purchasers thereof for value and no court shall have authority or jurisdiction to inquire into the legality thereof if the validity of such certificates is not raised within thirty days from the date of publication of the resolution providing for their issuance.

B.  The governing authority of Caddo Parish is hereby further authorized to issue certificates of indebtedness secured by and payable from a pledge of excess revenues of said parish above statutory, necessary, and usual charges in each year in which said certificates of indebtedness are outstanding.  Said certificates shall mature over a period not exceeding twenty years from the date thereof and contain such other terms and provisions as set forth in the proceedings adopted by the governing authority of said parish providing for the issuance of such certificates.  Such certificates of indebtedness and the income thereof  shall be exempt from all taxation in the state of Louisiana.

Amended by Acts 1952, No. 499, §1; Acts 1968, No. 501, §2; Acts 1975, No. 295, §2, eff. July 17, 1975; Acts 1995, No. 624, §1, eff. June 18, 1995.