Louisiana Revised Statutes 33:3973 – Negotiation and delivery of sewer certificates; sale; disposition of proceeds
Terms Used In Louisiana Revised Statutes 33:3973
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The governing authority of the municipality may by resolution empower and authorize the mayor to negotiate and deliver such sewer certificates and collect the purchase price thereof and do any and all things necessary and incidental thereto, or authorize delivery to the contractor of all or any part hereof of the said sewer certificates in payment of the contractual obligation covering such improvements. The funds derived from the sale of said sewer certificates shall be expended solely in payment of the cost of the improvement herein authorized and shall not be drawn upon for any other purpose whatsoever, provided that any surplus funds remaining after the cost of such improvement and incidental expenses expended therewith shall be expended for any purpose whatsoever for the improvement or maintenance of the sewer system of the district or sub-districts involved.
Acts 1950, Ex.Sess., No. 6, §13.