§338.33.  Form and term of bonds

The governing authority of the municipality shall, by resolution, fix the form and terms of the bonds and the rate or rates of interest, payable annually or semi-annually, with the maximum rate prescribed herein.  The bonds shall be payable in such medium and at such place or places within or without the State as may be fixed by such resolution.  The bonds shall be serial coupon bonds, shall be payable in annual installments with maturities beginning not more than three years after the date of the bonds, and shall run for a period not to exceed twenty-five years from the date thereof.  No bonds issued hereunder shall bear interest at a rate exceeding six per centum per annum, or be sold for less than par.  All bonds shall be signed by the presiding officer of the governing body and by the secretary or clerk of the governing body, under the official seal of the municipality, and the coupons shall be signed by the facsimile signatures of such officials.  The delivery of any bonds or coupons so executed at any time thereafter shall be valid although, before the time of delivery, any person or persons signing the bonds or coupons shall cease to hold office.  The maturities of the bonds shall be so arranged that the total amount of principal and interest falling due in any year, together with principal and interest falling due in such year on all bonds theretofore issued hereunder and then outstanding, shall never exceed seventy per centum of the amount of sales tax revenues estimated by the governing authority to be collected in such year.

Acts 1962, No. 300, §4; Redesignated from R.S. 33:2717.4 pursuant to Acts 2011, No. 248, §4.