Notwithstanding any other rights had and possessed by the Lake Borgne Basin Levee District, said district may, as an additional grant of authority, incur debt and issue negotiable general obligation bonds to finance flood protection and drainage projects wholly within its territorial jurisdiction, with the approval of the State Bond Commission and a majority of those voting in an election called and held for that purpose in accordance with the procedures set forth in Chapter 6-A of Title 18 of the Louisiana Revised Statutes of 1950, as amended.  Said general obligation bonds shall be issued in the form and manner and subject to the limitations, restrictions, and provisions contained in Part III, Chapter 4, Title 39 of the Louisiana Revised Statutes of 1950, as amended, and shall be sold in the manner and subject to the provisions of Chapter 13, Title 39 of the Louisiana Revised Statutes of 1950, as amended.  Said district is hereby declared to be a political subdivision as that term is defined in Article VI, Section 44(2) of the Constitution of Louisiana.

Acts 1987, No. 677, §1, eff. July 9, 1987.