Louisiana Revised Statutes 39:525 – A. Any governmental entity that is authorized to levy a parcel fee or service charge may anticipate the revenues to be realized from such parcel fee or service charge voted pursuant
Terms Used In Louisiana Revised Statutes 39:525
- bonds: means any bonds, notes, warrants, certificates of indebtedness, certificates of participation or other written contracts, agreements, or instruments evidencing the obligation of a governmental entity to repay borrowed money, regardless of the designation thereof. See Louisiana Revised Statutes 39:503
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Governmental entity: means any parish, municipality, school board, school district, or other political subdivision of the state, other than the city of New Orleans and its agencies, boards, authorities, and commissions, and other than the Sewerage and Water Board of New Orleans. See Louisiana Revised Statutes 39:503
A. Any governmental entity that is authorized to levy a parcel fee or service charge may anticipate the revenues to be realized from such parcel fee or service charge voted pursuant to provisions of the constitution and laws of Louisiana by borrowing money to be used only for the purpose for which such parcel fee or service charge was voted; however, a governmental entity may not anticipate such revenues for a period that exceeds the remaining number of years for which the parcel fee or service charge, as the case may be, is authorized to be levied. Such a borrowing shall be evidenced by limited revenue bonds of the governmental entity, which limited revenue bonds shall be payable solely from and secured by an irrevocable pledge and dedication of the revenues of such parcel fee or service charge, as the case may be.
B. The principal and interest due in any fiscal year of the governmental entity on such limited revenue bonds shall not exceed eighty percent of the revenues estimated to be realized from the levy of such parcel fee or service charge, as the case may be, for the fiscal year in which such limited revenue bonds are issued. In applying the aforesaid test, all revenues estimated to be realized from the levy of the parcel fee or service charge for the fiscal year in which the bonds are issued, regardless of the date on which the revenues are anticipated to be received, will be included in the estimated revenues for such fiscal year.
C. The principal of the limited revenue bonds shall be made due and payable annually not later than June first of each future year in which principal falls due; provided that such limited revenue bonds shall mature not later than June first in the year following the last year in which the parcel fee or service charge, as the case may be, securing the borrowing is authorized to be levied.
D. Limited revenue bonds issued under this Section are not revenue bonds within the meaning of La. Const. Art. VI, § 37 .
Acts 2018, No. 569, §1, eff. July 1, 2018.