Paving certificates

Any parish upon complying with the provisions of R.S. 33:3689.1-33:3689.17, shall have and is hereby authorized through its police jury as the governing authority thereof to issue, execute, negotiate, sell and deliver negotiable interest bearing coupon paving certificates of the parish in an amount not exceeding the total amount of the unpaid installments or deferred payments as provided for in the preceding Section, said paving certificates to bear interest at a rate of interest not exceeding six (6%) per centum per annum, payable annually, and to mature serially over a period not exceeding twenty years, but in no event shall said certificates extend over a longer period of time than that provided for by the ordinance levying the local or special assessments which may be paid in annual installments. Said paving certificates shall be of such form, date, denomination and payable in principal and interest at such time and place as the police jury may determine, and such certificates shall be secured by and payable in principal and interest by the irrevocable pledge and dedication of the funds derived from the levy and collection of the local or special assessments on the real property abutting said improvements payable in annual installments as provided for by R.S. 33:3689.1-33:3689.17 together with all interest on such assessments, and which funds shall be set aside in a separate fund and shall not be drawn upon for any purpose other than to pay the principal and interest of said paving certificates. The purchaser of any paving certificates issued under the provisions of R.S. 33:3689.1-33:3689.17 shall not be obligated to see to the proper application of any funds coming into possession of the police jury.