§338.70. Form and term of bonds; interest rate

Such governing body shall, by resolution, fix the form and terms of the bonds and the rate or rates of interest, payable annually or semiannually, within the maximum rate prescribed herein, and the manner in which and prices within which the bonds may be sold. The bonds shall be payable in such medium and at such place or places within or without the state as may be fixed by such resolution. No bonds issued hereunder shall run for a longer period than twenty-five years from the date thereof, or bear a greater rate of interest than six per cent per annum, or be sold for less than par. All bonds shall be signed by the presiding officer of the governing body and by the secretary or clerk of the governing body, under its official seal, and the coupons shall be signed by the facsimile signatures of such officers. The delivery of any bonds or coupons so executed at any time thereafter shall be valid, although before the date of delivery the person or persons signing the bonds or coupons shall cease to hold office. The maturities of the bonds shall be so arranged that the total amount of principal and interest falling due in any year, together with principal and interest falling due in such year on all bonds theretofore issued hereunder and then outstanding, shall never exceed seventy-five per cent of the amount of sales tax revenues estimated by the governing body to be collected in such year.

Acts 1957, No. 50, §1; Redesignated from R.S. 33:2726 pursuant to Acts 2011, No. 248, §4.