Pooled finances

The parish, sewerage district, or commission taking advantage of this Subpart may, subject to the approval of the state bond commission, incur debt and issue bonds, sewerage certificates, notes, or other debt obligations in order to provide a pool of funds to provide resident property owners with funds to purchase, lease, and maintain individual sewerage treatment facilities as described herein. The funds obtained through the issuance of the aforementioned debt obligations shall be loaned to the property owners to purchase, lease, and maintain the individual sewerage treatment facilities and shall be secured by and payable from the irrevocable pledge and dedication of the funds to be derived from the assessments as provided in Section 4066.11 hereof. Said debt obligations are to bear interest not exceeding the rate established by Chapter 13 of Subtitle III of Title 39 of the Louisiana Revised Statutes of 1950, payable annually, and to mature serially over a period not exceeding twenty years, but in no event shall such certificates extend over a longer period of time than that provided for by the ordinance levying the local or special assessments which may be payable in annual installments. Said certificates shall be of such form, date, denomination, and payable in principal and interest at such time and place as the governing authority may determine. Said debt obligations may be sold by private sale in the manner determined by the governing authority of the issuer of the debt obligations. However, if the certificates are sold at public sale, they shall be sold in accordance with R.S. 39:1426(B).