RS 526 - Excess revenue bonds and certificates of indebtedness
A. Any governmental entity may issue excess revenue bonds or certificates of indebtedness under this Section for the purpose of acquiring, constructing, extending, or improving any work of public improvement, or for acquiring movable vehicles or equipment, or for the payment of judgments, noncapital contractual obligations, or employee benefits.
B. Bonds or certificates of indebtedness issued under this Section shall be payable out of the revenues of subsequent years, after the payment from such revenues of:
(1) All charges required by law or regulation.
(2) All contractual obligations.
(3) All necessary and usual charges provided for by ordinance or resolution, excluding depreciation.
(4) All payments in respect of bonds for which a pledge or dedication of specified taxes or revenues has been provided by law or in proceedings authorizing such bonds, regardless of the date of issue of such bonds.
C. Bonds or certificates of indebtedness issued under this Section shall have a maximum term not to exceed ten years.
Acts 2018, No. 569, §1, eff. July 1, 2018.