FILE: DE

The 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 Board is required by law to obtain the consent and approval of the State Bond Commission. The 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 property as ascertained by the last assessment for the district.

Notification to the State Bond Commission shall be required by the Board whenever the transfer of funds authorizing indebtedness or payment on outstanding indebtedness have not been made in a timely manner.

Ref: La. Rev. Stat. Ann. §§17:89, 17:1371, 39:471, 39:554, 39:562, 39:1410.60 et seq.