FILE: DFD

Cf: DFA

TAX AND BOND ELECTIONS AND SALES

TAX AND BOND ELECTIONS

The School Board shall call elections for the public to vote on tax or bond revenue issues. Every bond, tax, or other election at which a proposition or question is to be submitted to the voters shall be held only on one of the dates set forth by state law or upon proper application to and approval of the State Bond Commission on a date not provided by statute. The proposition placed on the ballot submitted to the voters in any bond election shall state the kinds and sources of revenues which shall be pledged to retire the bonds, should the proposition be successful.

On the date and at the hour and place specified in the notice of election, the Board, in public session, shall examine and canvass the returns and declare the result of the elections. The result shall be promulgated by one publication in the official journal of the Board.

BOND SALES

If approved by the electorate, the Board shall adopt a resolution providing for the issuance of school bonds within a particular bonding district. Said issuance of bonds shall prescribe the form and fix the maturities thereof, and provide for the payment of said bonds in principal and interest.

Where securities of the Board are required by law to be sold at public sale upon sealed bids after public advertisement, the notice calling for bids shall be published two (2) times within a period of not less than five (5) days in a newspaper of general circulation published in the parish. The first publication will be at least seven (7) days in advance of the date scheduled for the reception of bids for the securities. The notices shall also be published one time in either a newspaper of general circulation or a financial journal or newspaper containing a section devoted to municipal bond news published in either the cities of New Orleans, Louisiana, or New York, New York, at least forty-eight (48) hours in advance of the date scheduled for the reception of bids for the securities.

Ref: La. Constitution, Art. VI, Sec. 30, Sec. 33; La. Rev. Stat. Ann. 壯18:1281 et seq., 39:1421-1429.