{"data":{"id":"us-la/rs-33-2923.1","jurisdiction":"us-la","citation":"RS 33:2923.1","heading":"Certificates of indebtedness; customary and necessary benefits","body":"A. Notwithstanding any provision of law to the contrary and as a complete and additional authority for incurring debt, any political subdivision, as defined in R.S. 33:2922, is hereby authorized to issue certificates of indebtedness maturing not more than five years from the dated date of such certificates for the purpose of paying customary and necessary benefits and/or services which will be available or provided to such political subdivision under a multi-year contract of not less than two years.\nB. The political subdivision shall not issue such certificates of indebtedness unless the political subdivision certifies to the State Bond Commission that:\n(1) The benefits and/or services are customary and necessary.\n(2) The cost of such benefits and/or services if contracted for on an annual basis is greater than the sum of the cost of such benefits and/or services over the term of the multi-year contract plus the costs of incurring debt.\n(3) There is no reasonable commercial alternative to obtaining such cost savings for the benefits and/or services other than on a multi-year contract basis.\nC. For purposes of this Section, the costs of incurring debt shall include the costs of issuance and the administrative costs, including interest costs, attributable to such debt.","path":["TITLE 33. MUNICIPALITIES AND PARISHES 3"],"source_url":"https://www.legis.la.gov/legis/Law.aspx?d=90091","current_through":"2025 First Extraordinary Session","vintage":"","retrieved_at":"2026-09-14T04:57:33Z","sha256":"6cfe94312d1ae8798b8a3efc98f4e0a3ed154307dd255420f5de0fc1594b40a2","source_id":"us-la","stale":false,"prev":"us-la/rs-33-2923","next":"us-la/rs-33-2924"},"notice":"GroundRules: Original legal text. Not legal advice."}