FILE:  DEA

DEBT LIMITATION

The Caddo 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 thirty-five per centum (35%) of the assessed valuation of all taxable property in the school district as ascertained by the last assessment for the school 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 has not been made in a timely manner.

Approved:  August 19, 2014

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, 39:1410.60

Board minutes, 8-19-14

Caddo Parish School Board