PART VIII. CERTIFICATES OF INDEBTEDNESS
§511. Anticipation of revenues for five years; authority to borrow money and issue certificates of indebtedness
The boards of commissioners of the duly organized levee districts and levee and drainage districts, in their discretion, may anticipate, for five years in advance of their availability, through the existing processes of law, their annual revenues, by borrowing any sums which in their judgment may be required for the needs of the district, duly recommended and approved by the office of engineering, and issuing certificates of indebtedness, upon the terms they may see fit, at rates of interest as provided in R.S. 39:1421 et seq., or by issuing refunding certificates of indebtedness for the refunding of any outstanding certificates of indebtedness and to secure the certificates by pledge of the revenues of the district for the year or years so anticipated.
Acts 1985, No. 785, §1, eff. July 22, 1985; Acts 2012, No. 753, §5.
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