2014 Louisiana Laws
Revised Statutes
TITLE 39 - Public Finance
RS 39:683 - Resolution authorizing bonds; petition and election
§683. Resolution authorizing bonds; petition and election
Before any bonds authorized hereunder are delivered to the purchaser thereof the governing authority of the municipality shall adopt a resolution authorizing and giving notice of the issuance of the bonds and providing for the maximum rate of interest, the security and method of payment and other details in connection therewith. Said resolution shall be published one time in the official journal of the municipality. For a period of thirty days after such publication the municipality shall receive written petitions for an election to be held on the question of the issuance of the bonds. If at least ten percent of the qualified electors of the municipality, or 1500 qualified electors, whichever is less, so request an election by such written petition within said thirty-day period, an election on the question of the issuance of such bonds shall be called and held as herein provided. In the event no petition or petitions signed by the requisite number is filed within said thirty-day period, said bonds may be issued without the necessity of an election thereon. Voting machines shall be used in holding said election and, insofar as practicable, said election shall be called, conducted, canvassed and promulgated in accordance with the provisions of R.S. 39:501-39:518, except that the right to vote at such election shall not be restricted to taxpaying voters. Assessed valuation shall not be voted in this election. If a majority of the qualified electors voting at such election vote in favor of the proposition to issue the bonds, the governing authority of the municipality, after promulgation of the results of the election, may by resolution authorize the issuance of the bonds in an amount or amounts not exceeding the amount stated in the proposition, which bonds shall not be issued for any purpose other than that stated in the proposition.
Acts 1970, No. 30, §3, emerg. eff. June 18, 1970 at 11:35 A.M.
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