2018 Louisiana Laws
Revised Statutes
TITLE 38 - Public Contracts, Works and Improvements
RS 38:502 - Maturity of bonds; interest; certificate of district attorney
§502. Maturity of bonds; interest; certificate of district attorney
A. The bonds issued under the authority of this Subpart shall mature annually upon dates to be determined and fixed by the issuing body, and the total amount of debt incurred or bonds issued shall not exceed in principal and interest the aggregate proceeds of the tax during the period for which the tax is levied, estimated upon the avails of the special tax upon the assessed value subject to the tax as shown by the assessment rolls last made and filed prior to the election authorizing the special tax. The bonds shall not bear a greater rate of interest than provided in R.S. 39:1421, et seq., and shall be payable annually or semiannually on dates to be specified in the bonds, and each of the bonds shall bear across its face printed in red letters the following certificate:
"I hereby certify that I have examined the proceedings prior and relative to the voting of the special tax, the resolutions, ordinances and other proceedings of ............. pursuant to which the series of bonds of which this is one was issued; that the said proceedings are regular in form; and that the proceeds of the special tax dedicated to the payment of same, estimated upon the tax roll of the .......... of ............ last made and filed prior to the election authorizing the special tax, that is to say, for the year 19..., will be ample for the payment of said bonds, principal and interest.
This the ............. day of ......... 19..
.................................
District Attorney.
.................................
Judicial District."
B. The foregoing certificate shall be signed by the district attorney of the judicial district in which the levee board or levee and drainage board is domiciled, and thereafter the bonds shall be incontestable for any cause, except as provided in Article VI, Section 35 of the Constitution of Louisiana. The district attorney shall receive as compensation for his services in making the examination and certificate required for this Subpart one-tenth of one percent of the total amount of bonds thus certified by him, but in no case shall he receive less than twenty-five nor more than one hundred dollars for this service which shall be paid by the levee board or levee and drainage board issuing the bonds.
Acts 1985, No. 785, §1, eff. July 22, 1985.
