§4138. New Orleans; drainage bonds

A. The Sewerage and Water Board of New Orleans, by resolution adopted by affirmative vote of a majority of its members and subject to the approvals hereinafter set forth, shall have the power and is hereby authorized to issue from time to time, in the name of the city of New Orleans, bonds payable solely out of the tax levies and other revenues specified in R.S. 33:4139 for drainage purposes for the city of New Orleans, or to refund bonds issued under the authority of this Section. Such bonds may be additionally secured by municipal bond insurance, bank guarantees, surety bonds, letters of credit, and other devices to enhance the credit quality of the bonds, the cost of which credit enhancement devices may be paid from the proceeds of the bonds or such other funds as may be available.

B. Bonds issued hereunder to refund bonds shall be issued in accordance with the provisions of Chapter 14-A of Title 39 of the Louisiana Revised Statutes, and for the purposes thereof, the Sewerage and Water Board of New Orleans shall be deemed to be the governing authority of the issuer whenever such term is used in said Chapter; provided, however, the Board of Liquidation, City Debt, shall fix the details of the bonds and sell the bonds as provided in R.S. 33:4141 and 4142, respectively.

C. The resolution of the Sewerage and Water Board of New Orleans authorizing the issuance of such bonds shall not be effective until approved by a resolution adopted by affirmative vote of a majority of the members of the council of the city of New Orleans and by a resolution adopted by affirmative vote of a majority of the members of the Board of Liquidation, City Debt.

D. All bonds issued pursuant to this Section shall be excluded in applying any limitation upon the power of the city of New Orleans to issue bonds for any purpose.

Added by Acts 1978, No. 419, §1, eff. July 1, 1978. Acts 1985, No. 731, §1, eff. July 16, 1985; Acts 2003, No. 1130, §1, eff. July 2, 2003.