RS 38:2047: Authority to issue bonds

In addition to the right to levy taxes as herein provided, the district shall have the power to issue bonds for the purpose of constructing, acquiring, extending, and improving drains and drainage facilities of the district pursuant to Article VI, Section 33 of the Constitution of Louisiana; Subpart A of Part III of Chapter 4 of Title 39 of the Louisiana Revised Statutes of 1950; and other constitutional and statutory authority supplemental thereto. Such bonds may be issued in an amount not exceeding ten percent of the assessed valuation of the district at the time the bonds are issued. The bonds and the interest thereon shall be exempt from all taxation in the state of Louisiana.