The board may issue bonds for levee and drainage purposes, but it must set the bond terms by resolution and cannot sell bonds below par.
§478. Provisions for issuance; purposes; security; form of bonds A. The board of commissioners of the levee district or levee and drainage district shall have power and authority to issue bonds under the provisions of this Subpart for the purpose of constructing levees, drainage, levee drainage, and for all other purposes incidental thereto, including the payment of the cost of lands and improvements thereon used or destroyed for levees, drainage, or levee drainage purposes, and for the payment of any outstanding indebtedness incurred for such purposes or for any one or more of such purposes. The board of commissioners may issue bonds hereunder from time to time in the amounts which it may deem necessary and expedient and shall by resolution fix the form and terms of the bonds, the rate or rates of interest, and the manner in which the bonds may be issued and sold, not inconsistent herewith; however, no bonds shall be sold for less than par. The bonds shall be payable in such medium and at such place or places within or without the state as may be fixed by the resolution. All bonds shall constitute negotiable instruments and shall be signed by the president and the secretary of the board of commissioners under its official seal, and the interest coupons attached thereto 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 date of delivery a person or persons signing the bonds or coupons shall cease to hold office. The provisions of this Subpart shall not be construed to require that all of the bonds authorized hereunder shall bear the same date, date of maturity, or rate of interest. The board of commissioners may in any resolution authorizing such bonds provide for the respective priorities of separate blocks, series, or issues of bonds issued under this Subpart or may provide for the issuance of additional bonds in the future on a parity under such conditions as may be therein specified. In the absence of any such provision, if one or more series of bonds shall be issued hereunder, priority of lien on the taxes, local contributions, and other income and revenues of the district from which such bonds are payable shall depend upon the time of delivery of such bonds, each series enjoying a lien prior and superior to that enjoyed by any series of bonds subsequently delivered. B. Nothing in this Subpart to the contrary withstanding, any bonds issued hereunder shall be payable from the taxes, local contributions, and other income and revenues of the levee district or levee and drainage district. Acts 1985, No. 785, §1, eff. July 22, 1985.