FILE: DE
Cf: DFD
INDEBTEDNESS
The St. Martin Parish School Board may, as authorized by the Constitution and laws of the State, borrow money, incur debt, issue bonds, levy taxes, or pledge uncollected taxes or revenues, with the approval of the electorate and the consent of the State Bond Commission. Before incurring any form of debt whatsoever, the School Board is required by law to obtain the consent and approval of the State Bond Commission. The School Board may incur debt and issue bonds for the purposes of acquiring and/or improving lands, purchasing, erecting and/or improving school buildings, and/or for other purposes allowed by state law which, including the existing bonded debt of the School Board for all bonded purposes, may not exceed fifty per centum (50%) of the assessed valuation of all taxable property in the school district as ascertained by the last assessment for the district.
Notification to the State Bond Commission shall be required by the School Board whenever the transfer of funds authorizing indebtedness or payment on outstanding indebtedness have not been made in a timely manner.
CERTIFICATE OF INDEBTEDNESS
The School Board may issue certificates of indebtedness covering that portion of the cost of public improvements, or the payment of other obligations, benefits, and/or services, which are to be borne or to be paid by the School Board under contracts payable out of the revenues of subsequent years. Such certificates shall mature over a period not exceeding ten (10) years from the date of such certificates, with limited exceptions permitted by state statutes, with an interest rate not to exceed eight percent (8%), unless a higher rate is approved by the State Bond Commission. Before any certificate of indebtedness can be issued, the School Board must certify to the State Bond Commission the purpose and need for any such certificates.
All notes or other evidence of indebtedness of the School Board, unless specified otherwise by law, shall be signed by the President and the Superintendent and shall be limited as prescribed by law.
RECORDKEEPING
The School Board shall continuously maintain:
A list of all Louisiana municipal securities for which the School Board is the issuer or is obligated to repay;
A copy of all continuing disclosure agreements relating to the securities to which the School Board is a party;
If, pursuant to a continuing disclosure agreement in which the School Board is a party, the School Board shall be responsible for filing notices of changes in bond ratings, a list of current ratings for such securities, if any.
All records required to be kept by the School Board under state law shall be subject to inspection by the legislative auditor and/or the School Board’s auditor.
Municipal securities shall mean bonds, notes, certificates, or other written obligations for the repayment of borrowed money, including obligations to refund any security, which are issued by the School Board.
Revised: January 7, 2009
Revised: January 7, 2015
Ref: La. Rev. Stat. Ann. §§17:89, 17:1371, 18:1281, 18:1282, 18:1283, 18:1284, 18:1293, 39:471, 39:554, 39:562, 39:1219, 39:1221, 39:1410.60, 39:1421, 39:1438
St. Martin Parish School Board