A.  The commission, with the approval of the State Bond and Tax Board, is authorized to incur debts for its lawful purposes, and to issue in its name negotiable bonds or notes therefor, and to pledge for the payment of the principal and interest of such negotiable bonds or notes the revenues derived from the operation of properties and facilities maintained and operated by it or received by the commission from any taxes authorized under this Chapter or from other sources; provided, however, that the amount of such bonds or notes outstanding at any one time shall not exceed fifteen million dollars.  

B.  No such bonds shall run for a longer period than forty years from the date thereof, or bear a greater rate of interest than five per centum per annum payable annually or semi-annually, or be sold for less than par.  Such bonds shall become due and payable in annual installments beginning not more than three years after the date of issuance.  

Should the commission neglect or fail for any reason to impose or collect the taxes for the payment of the principal and interest of any such bonds, any person in interest shall have a cause of action, enforceable in any court having jurisdiction of the subject matter, to enforce the imposition and collection of such taxes.  

In addition to the pledge of revenues derived from taxes, the commission may pledge for the payment of the principal and interest of such bonds, the revenues derived from the operation of properties and facilities maintained and operated by it, or received by the commission from other sources.  The commission is authorized to pledge for the further securing of the payment of the principal and interest of such bonds, all or any part of any moneys received by the commission from the United States, the State of Louisiana, or any political subdivision thereof, by gift, grant, donation or otherwise, unless otherwise provided by the terms of such gift, grant or donation.  In addition to the pledge of revenues to secure said bonds, above stated, the commission may further secure their payment by conventional mortgage upon any or all of the properties constructed or acquired or to be constructed or acquired by it.  

Such bonds shall constitute first, a general obligation of the commission, and secondly, the full faith and credit of the Parish of Tensas shall be and are hereby pledged.  

Such bonds shall be authorized by a resolution of the commission and shall be of such series, bear such date or dates, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration and exchangeability privilege, be payable in such medium of payment and at such place or places and be subject to such terms of redemption at par as such resolution may provide.  The bonds shall be signed by such officers as the commission shall determine, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signatures of the officer or officers of the district it designates.  Any such bonds may be issued and delivered, notwithstanding that one or more of the officers signing such bonds or the officer or officers, whose facsimile signature or signatures may be upon the coupons, shall have ceased to be such officer or officers at the time the bonds shall actually have been delivered.  

Added by Acts 1964, Ex.Sess., No. 11, §1.