§338.34.  Security for bonds

Bonds issued hereunder shall constitute a borrowing solely upon the credit of the sales tax revenues of the municipality, and shall not constitute an indebtedness or pledge of the general credit of the municipality within the meaning of any constitutional or statutory provisions relating to the incurring of indebtedness, and the bonds shall contain a recital to that effect.  Such bonds shall be in coupon form, but may be made registerable as to principal only if so provided in the resolution authorizing the issuance thereof.  They may be made redeemable in advance of maturity at the option of the governing authority at such premium or premiums not greater than five per centum of the principal amount of the bonds, as the governing authority may determine.

Acts 1962, No. 300, §5; Redesignated from R.S. 33:2717.5 pursuant to Acts 2011, No. 248, §4.