2014 Louisiana Laws
Revised Statutes
TITLE 39 - Public Finance
RS 39:692 - Payment of refunding bonds; taxes
§692. Payment of refunding bonds; taxes
Political subdivisions referred to in R.S. 39:691, through their governing authorities, and parish school boards are authorized to and shall secure the payment of refunding bonds, in interest and principal, by the levying of special ad valorem taxes annually in an amount sufficient to pay interest annually or semiannually and to pay the principal falling due each year, when the bonds to be refunded were secured in like manner. However, a drainage and subdrainage district shall secure the payment of such refunding bonds by imposing and collecting annually an acreage tax or forced contribution on each acre of land within the district sufficient in amount to pay interest and principal falling due each year if the bonds to be refunded were secured in like manner. In addition, a parish school board, subject to the approval of the Louisiana State Board of Elementary and Secondary Education, shall secure the payment of refunding bonds issued under this Subpart by anticipation and pledge of its annual revenues in an amount sufficient to pay interest and principal falling due each year.
Added by Acts 1975, No. 153, §1.
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