Louisiana § RS 38:1671 - Form and terms of bonds; denominations

§ RS 38:1671. Form and terms of bonds; denominations

The board of commissioners of any drainage district mentioned in R.S. 38:1670, when petitioned to that effect by the owners of a majority of the acreage of the lands in the district or sub-district thereof, as the case may be, after adopting a resolution to that effect, may issue funding or refunding bonds for the purpose of readjusting, funding, refunding, extending, or unifying any or all of the authorized indebtedness of the district or sub-district.  Funding or refunding bonds shall be in any denominations of one hundred dollars or multiples thereof, shall bear interest, represented by coupons, at a rate not to exceed six per cent per annum, payable annually or semiannually, shall run for a period not to exceed forty years, and shall mature and be payable annually, beginning not more than ten years after their date, all as may be determined by the board of commissioners.  Both principal and interest shall be payable at some convenient banking house or trust company's office to be named in the bonds.  The bonds shall be signed by the president of the board of commissioners, attested by the signature of the secretary of the board and the seal of the district, and shall show on their face the purpose for which issued.  The coupons on the bonds shall be signed by the facsimile signature of the officers.  The delivery at any time thereafter of any bonds and coupons so executed shall be valid, although before the date of delivery the persons signing the bonds or coupons shall have ceased to hold office.