2011 Louisiana Laws
TITLE 39 — Public finance
RS 39:742 — Limitation on amount to be borrowed
§742. Limitation on amount to be borrowed
The amount so borrowed for and on behalf of any municipality or parish shall not exceed seventy-five per cent of the estimated income to be realized from the special tax previously voted in the municipality or parish; provided that where a special tax for the purpose of acquiring sites and constructing public libraries is voted under Section 10, Article 10 of the constitution of 1921 this limitation shall not apply. Special taxes collected in the municipality or parish and the avails therefrom shall be dedicated and set aside to the payment of the certificates of indebtedness as they mature.
Amended by Acts 1961, No. 52, §1.
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