§4053. Effect of consolidation on authority to issue bonds; transfer of records to consolidated district; assumption of outstanding indebtedness; rights and privileges of consolidated district

At the expiration of such thirty day period, sewerage districts included in any such consolidated district shall no longer have the right to issue bonds and all books and records and assets thereof shall be transferred to the consolidated district. Unless such consolidated district shall vote to assume the indebtedness of each underlying district as hereinafter provided, it shall be the duty of the governing authority of the consolidated district to cause taxes to continue to be levied for the payment of the outstanding indebtedness of each underlying district in all respects as would have been required had such consolidation not been effected, except that where such indebtedness of any underlying district consists of revenue bonds payable from service charges or obligations payable from the proceeds of special assessments, the governing authority shall continue to impose and collect such service charges and assessments. Such taxes as may be levied by the governing authority of the consolidated district in the underlying districts shall be entitled to the benefit of the exemption and to the reimbursal authorized by R.S. 39:253.

Consolidated sewerage districts created under this Sub-part shall have all rights, powers and privileges granted to and enjoyed by other sewerage districts under the constitution and laws of Louisiana.

Added by Acts 1958, No. 276, §1, pars. 3, 4.